by Ashley Nagle Eknaian, program chair of the MS in Digital Innovation for FinTech, Brandeis University Don’t believe me? Answer the following questions: 1.) Do you have any cash in your wallet right now? 2.) Have you ever bought something using your mobile phone? 3.) Have you been inside a bank branch in the last 6 months? Now, let’s travel back in time to the year 2007; would your answers still be the same? Probably not. My point here is that 10 years ago, your experiences carrying, spending, saving, transferring, investing, and borrowing money were very different than they are today. In 2017, I am willing to bet that you use some sort of fintech app for your everyday financial needs. Using your mobile wallet to pay for coffee/tea in the morning? Repaying a friend for lunch using Venmo? Donating to a crowdfunding campaign? Checking your bank balance? Buying insurance? Refinancing your student loans? Considering a Robo-advisor to handle your investments? Leveraging an auto savings app to build a nest egg? All are examples of FinTech innovation that we now have access to with a tap and a swipe on our mobile devices. VC’s & banks take notice As technology continues to permeate every aspect of our lives from social media to healthcare, why would our interactions with money be any different? Investment dollars have been pouring into FinTech the last few years ($17.4 Billion in venture backed funding in 2016 alone), which means that there are some very smart people trying to revolutionize every aspect of the financial services you use every day. While not all startups will be successful in this endeavor, the few that do will continue to transform the financial services ecosystem. And let’s not forget about big banks, top financial institutions have taken notice of the FinTech boom and taken action. These companies are building innovation labs, hiring top tech talent and investing / acquiring startups to ensure they stay relevant for customers in what has become a rapidly changing and competitive environment. Technology rules With all of the technology now available to create smarter, faster, and cheaper products and services, no corner of the financial industry will be left static. Take the rise of cryptocurrencies like Bitcoin and Ether – could there be a day in the not-so-distant future where physical currency becomes obsolete? You may think that sounds crazy, however, the next time you make a purchase, ask the company if it accepts bitcoin as a form of payment – the answer may surprise you. Technology will continue to change and be applied to financial services at a pace that we could never have imagined just a few short years ago. Emerging technologies like artificial intelligence, quantum computing, not to mention a little technology called “distributed ledger” will all play a role in fueling the next evolution of FinTech innovation for both institutions and consumers. Global dominance FinTech isn’t a regional, socio-economic or generational phenomenon. FinTech is global, and it will impact the entire financial ecosystem, from central banks to the unbanked. Get ready, because FinTech has only just begun changing your life.