Almost every week we see headlines of Fintech/Insuretech startup companies obtaining spectacular valuations. Having worked with technology companies for over 10 years below were some of the predictions I made a number of years ago.
What has since revolutionised the financial sector are the innovative methods by which money values can now be stored and transferred (through DLT crypto exchanges, by-passing the traditional banking system). The next potentially big step in this technological revolution will be when traditional financial services and cryptocurrency combine their capabilities. The sort of valuations that could be achieved would surpass anything we have yet seen. The impact on cryptocurrency prices would also be huge.
Watch this space!
Traditional market capital 💰and FS technology + 📲crypto and DLT 💻capability = billion+ 💵💶💷🦄
“We are in the throes of the greatest technological revolution the world has ever seen. Companies that lead the way will establish dominance in their respective fields for years to come, whilst those that fail to keep abreast with new technology will face an uncertain future. In this new age, businesses that invest in technology and human capital will grow beyond anything they could have expected to achieve otherwise. Similarly, the most successful businessmen of the future might have no less entrepreneurial flair but they are more likely to put technology at the heart of strategic decision-making than at any time in the past.”
Big Data: He Who Owns The Past Controls The Future, 6 October 2014.
“The insurance industry can become the laboratory for technology that will change the way companies interact with consumers in the future. We are already seeing this but it is only the beginning. Those that crack the code will create huge shareholder value and corporate wealth. The stakes could not be higher and the equivalent of an arms race in the field of data is now on.”
Insurance - A Quiet Revolution In Digital Technology, 16 March 2015.
“Over the last few years businesses that have been willing to innovate and embrace technology have grown more rapidly than those that have not and the pace at which technology is now evolving is such that businesses that fail to keep abreast will face an uncertain future. We are witnessing a commercial arms race for technological supremacy that will determine the winners and the losers over the next 5 to 10 years.”
Commercial arms race for technological supremacy, 26 May 2016
For the majority of people fintech will be a familiar term and industry, but hot on its heels is another growing sector looking to challenge the status quo of the established players – insurtech.