Fintech — revolution or hype, asks Edward Robinson at Bloomberg QuickTake: "Some bankers scoffed when fintech upstarts promised to reinvent their business. Now they’re joining the revolution. Surveys of financial services companies show that half plan to acquire fintech firms over the next three to five years. Upcoming changes could stir the market even more. EU banks next year must give qualified fintech firms access to account data, such as credit card transactions, of bank customers who request it. This way, they can learn about lower-interest mortgages or higher-interest savings plans than those being offered by traditional banks, and lenders will come under pressure to compete with the new apps and online services." All this could be good news for investors: venture capitalists and corporations have ploughed more than $125bn into fintech start-ups since 2010. The fintech label applies broadly to financial services firms using the internet, mobile phones and the cloud for: • Pee...
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