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What is FinTech?

Fintech stands for Financial Technology. Money movement is huge, especially in today's economics. The world is becoming smaller. Most of the countries are now adopting venture capital model of investments into entrepreneurs and startups.

Bank software gets old. While I was working at Wells Fargo, leading the mobile team for iOS and Android (first mobile release for the bank), we provided features for 15 different lines of business, including check capture by phone and direct deposit, wire transfer, basic banking, mortgage applications and many others. The check capture itself contained 12 systems underneath, connecting directly into US treasury.

Each feature, or vertical requires much coordination, across different divisions of the bank. There are thousands of employees working, in various technical areas of expertise.

The fintech, provides an opportunity to re-architect important banking features, and allow startups to re-emerge, solving critical transactions of the bank. Bitcoin is an example of fintech. Square (I am also an investor), another company that allows transactions through a device attached to the phone is a great example.

Recently, working at the second bank in my career, I worked with Federal Home Loan Banks. The mortgage collateral application, serves loans for pretty much all the banking industry. There are borrowing capacity for the investors. There are many critical formulas and regulations need to be followed. As an architect, I worked on the whole data model for the mortgage application, single handedly reverse engineered 2-3 million lines of code while coordinating with an offshore team of 25 engineers in India.

All these business flows are up for grabs, as regulations open up and give the startup industry a chance to re-engineer the banking industry. However, to implement the flows and vertical correctly, the domain knowledge in banking industry is critical. Also, contacts within business organization of the bank are crucial so once the minimal viable product is created by the fintech startup, the product can be adopted by the bank.


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