No, Millennials did not invent Fintech innovation although the pace of innovation has certainly accelerated recently. The difference is that the new wave of Fintech innovation has come from outside the existing Financial Services industry. That is what we normally write about on Daily Fintech. For a change, today we are celebrating all that old innovation that came from inside the existing Financial Services industry
- ATM. Self service before the Internet.
- FICO Consumer Credit Score. Lowered the cost of consumer loan origination.
- Credit Card. Made payment easier.
- Online brokers. Trade like a pro in your pajamas.
- Securitization. Spread risk (or hide it in some egregious cases).
- Microfinance. Breakthrough innovation for the Underbanked.
- Joint Stock Companies. OK that was a really long time ago.
- Double Entry Bookkeeping. Really, really ancient history.
- Stock Exchanges. Might have been analog in the really early days, but have been digitally efficient for decades.
- Digital market data feeds. Imagine Digital Wealth Management or modern Capital Markets without this baseline technology.
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