This is Mary Walden with economist MW, welcoming you to the economic perspective. Today’s program looks at the emerging financial battlefield. Mike, so much of our world today is being shaped by technology. It should therefore not be a surprise that technology has come to the financial services industry and is shaking it up. Give us the sides and the strategies.
- On one side are traditional financial service firms – banks, stock brokers, insurance agencies – used face to face contact often in an office setting
- New firms – called fintechs – operate in cyber space – started with maybe one service – saving, insurance – but many are trying to become full service
- Fintechs appeal to young people – millennials, igens – and hope to eventually be rewarded when these generations build up big savings
- But don’t expect the traditional firms to set back – they are also rapidly going into cyber space
- But will the millennials/igeners consider the traditional’s stodgy?
And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics