How fintech is changing business
Financial technology, or fintech, is everywhere nowadays. When you use contactless payment to pay for your coffee with just a tap of your card, or send a friend some money via PayPal or Venmo, or use an online banking app like Monzo, you are using fintech.
And it’s not just affecting consumers; it’s changing the business world as we know it. Professionals studying for an MBA with WU Executive Academy often go on to become entrepreneurs, international executives, or heads of finance, which are roles that require an understanding and acceptance of fintech. Read on to discover how the sector is growing and what this means for ambitious MBA students.
Even if this is your first time reading the term ‘fintech’, it’s probably more familiar to you than you might think. Fintech is short for financial technology and includes almost all technology relating to financial services. Some examples are:
Cryptocurrencies like Bitcoin
Online banking applications
Crowdfunding platforms like GoFundMe and Kickstarter
Stocks and shares apps
Fintech can use a whole range of new technology like AI, data science, software, and fingerprinting to make financial services more convenient and more secure for consumers and businesses. This means it’s essential that professionals studying for an executive MBA know about it.
After graduating from an EMBA program, you could launch your own business, work for a small startup or a large corporation, or take on more responsibility at your current company. Whatever path you take, an understanding of fintech is useful for anyone in a senior position as it can help you to increase profits, efficiency, and productivity. Fintech is also growing rapidly. In 2018, the global fintech market was valued at more than $127.66 billion. It is expected to grow at an annual rate of 24.8% to reach more than $300 billion by 2020.
Given its value and growth, it’s important that anyone working in finance, business, or economics is able to use fintech. It can help you to quickly pay suppliers, manage cash flow, and enable consumers around the world to pay for your products and services quickly and securely.
The MBA program at WU Executive Academy stands out because of its international focus. It was ranked 13th by the Financial Times for international course experience, and gives students the opportunity to study and work in as many as four different continents.
This emphasis is necessary because many areas of business are becoming increasingly globalized, and fintech is a great example of this. A study by Deloitte showed that investment in fintech in major economies like China and the US is booming. More than $7.7 billion was invested in fintech companies in the US, and more than $6.9 billion in China. If you’re an MBA student with international ambition, you should think about embracing fintech.
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