What happens in an Internet minute?

We have all heard about the New York minute, for those who haven’t it simply means an ‘instant’ or a ‘flash’, an extremely short time, defined by the fast pace that characterises New York City. However the New York minute moves at a snails pace compared to what takes place in an Internet minute. 

The internet is growing every second, never before have we been as connected and contactable as we are  now, both our social and professional lives are heavily reliant on not only email, but also Snapchat, Google, Instagram etc to keep us up to date with today’s news and trends.

Technology is everywhere - the innovative and entrepreneurial nature of these digital companies has spread to finance with the ‘Fintech Revolution’ gathering pace in recent years. Fintech competition is  heating up, and it is not just start ups that are looking to level the playing field, but big banks and consultancies are also trying to get in on the action. A recent study by PwC indicates that financial services organisations fear losing up to 23% of their business to FinTech in the next five years.

JPMorgan CEO Jamie Dimon wrote in the company's annual letter to shareholders in April: "Fintech has been great at making it easier and often less expensive for customers and will likely lead to many more people, including more lower-income people, joining the banking system in the United States and abroad."

With this increase in investment and customers, we can continue to expect growth and new opportunities for accountants to make the jump into the Fintech industry.