Since the start of the year, there have been many voices suggesting that the FinTech bubble is set to burst.
In light of the crisis engulfing Lending Club – the biggest online lender in the US – and shares in many FinTech startups taking a hit, sceptics have been questioning the long-term validity of their business models. There are those that also question whether these companies have the scale or competitive advantage to take on the established players.
But there is much to suggest that the naysayers are wide of the mark, and that FinTech has substance to go with the hype.
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It may seem an odd time for the Financial Times to launch its Future of Fintech awards. Since the start of the year, sceptics have been asking whether the "fintech" bubble is bursting.
We couldn’t agree more with the Financial Times. With increased regulation and a desire from many for new ways of operating to be introduced, FinTech service providers such as Encompass will play an important role in the years to come as the industry evolves.
Far from being a passing fad, FinTech could very well soon be the new norm.
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
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