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Is Fintech the Future of Wall Street?

September 29, 2017
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These days, technology is constantly growing to encompass more of our lives. This is no different in the world of finance where financial technology, or fintech, is becoming more prevalent with individual investors as well as larger financial institutions.

In a recent interview with Business Insider, Goldman Sachs executive Paul Russo said:

…people coming into the firm these days are a little more tech savvy.

That may be an understatement. In a query by CB Insights (via Business Insider) it was revealed that “46% of Goldman’s recent job listings were in technology.” If that doesn’t show that fintech is on the rise at big banks then I don’t knwo what does.

Forbes says that:

The largest banks have been busily integrating fintech into their business models from brokering industry-changing deals to investing in disruptive tech that can help firms reimagine services across the financial ecosystem.

Fintech companies often offer investors more digestible methods of investing, allowing them to invest in sectors that they are interested in while maintaining a strong portfolio. It has what has allowed them to grow so quickly and what has caught the banks’ attention.

Avid Modjtabai, head of Wells Fargo’s new payments, virtual solutions and innovation group, says the group’s focus is “to prioritize research and development that elevates the customer experience.” It is using AI to personalize customer service with better-aligned offerings, more efficient calls and stronger account security.

By becoming more accessible to their clients through technology, the banks are trying to position themselves for the future. The move may allow them to tap into a whole new network of previously unserviced investors and grow their business as well.

Investors should be excited about these new tools but also about the potential growth it affords the banks and their stocks. Keep an eye out for any new developments and purchases in fintech to see if your investment is investing in the future.

To read Forbes article on the future of fintech, click here.

For Business Insider’s interview with Paul Russo, click here.

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