6 Financial Services That Didn’t Exist 10 Years Ago

digital transformation in finance

The severity of digital transformation in finance is undeniable. Over the last decade, the rise of digital finance, machine learning and big data has led financial institutions through a period of intense transformation and innovation, as they compete to be high performers with these new digital tools.

On this impact, CFTE co-founder Huy Nguyen Trieu said the following,

“This is very different from what we experienced in finance 10 years ago. At that time, the financial industry was going through the subprime crisis, and it was all about restructuring and regulatory compliance. Now, we’re witnessing very quick changes being made possible by technologies.”

As we embark on the final year of the decade, follow us as we take a look at 6 financial services that weren’t available in 2009, and how they impacted their incumbent industries.

  1. Google Pay Send (Multinational mobile wallets)

When it was known as Google Wallet, this service launched in 2011 to replace credit cards through its integrated use of NFC technology and Google’s own Android operating system. Since then, however, it has been renamed Pay Send and folded into the umbrella of their wider online payment system, Google Pay. The peer-to-peer payments service still remains exclusive to US, India and the UK, while its parent payment service is more regionally accessible.

  1. Revolut (Digital banking)

Revolut offers a digital alternative to traditional banking with peer-to-peer payments, prepaid virtual, and recently physical, cards for consumers to better handle their finances. 2018 saw the company reveal its plans to expand its global operations, a worthwhile promise to keep your eye on throughout the year.

  1. Better (Online mortgage lending)

A direct lender dedicated to making online mortgages accessible, Better launched in early 2016 in the US with the goal of “bringing the mortgage into the 21st century.” With an extensively experienced engineering team with talent from the likes of Google, Microsoft and Spotify, the company was rebuilt on top of the foundations of a previous mortgage bank, after rewriting the business model from the ground up and to improve the customer experience.

  1. Kantox (Capital markets & institutional trading)

Kantox is an online multinational finance platform, providing currency exchange and international payment solutions for SMEs and mid-cap companies. Having launched in London in 2011, the firm offers its services across multiple industries including travel, automotive, engineering, investments and e-commerce. We have previously interviewed Kantox CEO Philippe Gelis as he shared his views on the Fintech industry, as part of “The Expert Perspective” series – read that blog here.

  1. Cadre (Real estate investing)

Cadre is a technology-empowered real estate investment platform that offers qualified individuals and institutions access to vetted commercial real estate opportunities. It is described as a service that “makes the real estate market more like the stock market” by allowing investors the chance to invest in smaller amounts and to select the precise transactions they’d like to participate in. The firm currently holds over USD$1 million under management, and in 2018 announced a partnership with Goldman Sachs that saw some of the latter’s private wealth clients commit at least $250 million in real estate estatements through Cadre.

  1. Affirm (Personal lending)

Founded in 2012 by Paypal founder Max Levchin, Affirm offers microloans to consumers at the point of sale, aiming to provide a quicker, transparent and convenient lending alternative to credit cards. Leaning into the millennial market, Affirm looks at more than a traditional FICO score, instead considering other factors such as social media activity to gauge a user’s financial responsibility.

Finance has changed plenty in the past decade, and there’s no indication this next decade is going to be any different. And so, professionals have an obligation to seek the most comprehensive and accessible methods to survive in the changing global industry. This means an a learning approach that provides a clear framework of emerging technologies and their foundational concepts of Fintech. Few courses achieve this more comprehensively than Around Fintech in 8 Hours, our no-prerequisite foundation course designed for novices and professionals who want to join the flourishing Fintech scene. Join the Fintech revolution in Finance today!

As always, for the latest developments and events in Fintech, feel free to subscribe to our weekly newsletters after the jump below!

Subscribe to our Weekly Newsletter

6 Financial Services That Didn’t Exist 10 Years Ago

digital transformation in finance

The severity of digital transformation in finance is undeniable. Over the last decade, the rise of digital finance, machine learning and big data has led financial institutions through a period of intense transformation and innovation, as they compete to be high performers with these new digital tools.

On this impact, CFTE co-founder Huy Nguyen Trieu said the following,

“This is very different from what we experienced in finance 10 years ago. At that time, the financial industry was going through the subprime crisis, and it was all about restructuring and regulatory compliance. Now, we’re witnessing very quick changes being made possible by technologies.”

As we embark on the final year of the decade, follow us as we take a look at 6 financial services that weren’t available in 2009, and how they impacted their incumbent industries.

  1. Google Pay Send (Multinational mobile wallets)

When it was known as Google Wallet, this service launched in 2011 to replace credit cards through its integrated use of NFC technology and Google’s own Android operating system. Since then, however, it has been renamed Pay Send and folded into the umbrella of their wider online payment system, Google Pay. The peer-to-peer payments service still remains exclusive to US, India and the UK, while its parent payment service is more regionally accessible.

  1. Revolut (Digital banking)

Revolut offers a digital alternative to traditional banking with peer-to-peer payments, prepaid virtual, and recently physical, cards for consumers to better handle their finances. 2018 saw the company reveal its plans to expand its global operations, a worthwhile promise to keep your eye on throughout the year.

  1. Better (Online mortgage lending)

A direct lender dedicated to making online mortgages accessible, Better launched in early 2016 in the US with the goal of “bringing the mortgage into the 21st century.” With an extensively experienced engineering team with talent from the likes of Google, Microsoft and Spotify, the company was rebuilt on top of the foundations of a previous mortgage bank, after rewriting the business model from the ground up and to improve the customer experience.

  1. Kantox (Capital markets & institutional trading)

Kantox is an online multinational finance platform, providing currency exchange and international payment solutions for SMEs and mid-cap companies. Having launched in London in 2011, the firm offers its services across multiple industries including travel, automotive, engineering, investments and e-commerce. We have previously interviewed Kantox CEO Philippe Gelis as he shared his views on the Fintech industry, as part of “The Expert Perspective” series – read that blog here.

  1. Cadre (Real estate investing)

Cadre is a technology-empowered real estate investment platform that offers qualified individuals and institutions access to vetted commercial real estate opportunities. It is described as a service that “makes the real estate market more like the stock market” by allowing investors the chance to invest in smaller amounts and to select the precise transactions they’d like to participate in. The firm currently holds over USD$1 million under management, and in 2018 announced a partnership with Goldman Sachs that saw some of the latter’s private wealth clients commit at least $250 million in real estate estatements through Cadre.

  1. Affirm (Personal lending)

Founded in 2012 by Paypal founder Max Levchin, Affirm offers microloans to consumers at the point of sale, aiming to provide a quicker, transparent and convenient lending alternative to credit cards. Leaning into the millennial market, Affirm looks at more than a traditional FICO score, instead considering other factors such as social media activity to gauge a user’s financial responsibility.

Finance has changed plenty in the past decade, and there’s no indication this next decade is going to be any different. And so, professionals have an obligation to seek the most comprehensive and accessible methods to survive in the changing global industry. This means an a learning approach that provides a clear framework of emerging technologies and their foundational concepts of Fintech. Few courses achieve this more comprehensively than Around Fintech in 8 Hours, our no-prerequisite foundation course designed for novices and professionals who want to join the flourishing Fintech scene. Join the Fintech revolution in Finance today!

As always, for the latest developments and events in Fintech, feel free to subscribe to our weekly newsletters after the jump below!

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