It doesn’t have probably the most artistic identify, however hundreds of thousands have embraced it: fintech, the progressive business straddling the worlds of finance and know-how.
Success tales in fintech vary from cellular verify deposit to robo advisers. The growth in cryptocurrencies and their underlying blockchain know-how, too, are sometimes seen as fintech phenomena.
The business faces its challenges, regardless of rising into a worldwide drive that attracted $71 billion in funding over 2015 and 2016, in response to KPMG estimates.
How much do you know about fintech? Take our quiz to find out. (Answers are on the following page.)
1. Fill within the clean: The chief government for a fintech startup targeted on insurance coverage lately stated: “From binding a policy to making a claim, the consumer doesn’t have to ________ to anybody.”
A. pay cash
D. watch what they are saying
2. The variety of lively mobile-banking customers on the three largest U.S. retail banks jumped to what number of in 2017, from 33.eight million in 2012?
A. 57.7 million
B. 71.7 million
C. 89.6 million
D. not one of the above
three. Fill within the clean: The chief government for a fintech startup targeted on serving to banks vet high-risk shoppers just lately stated: “The ________ label gets you further now than ‘fintech’ because you [can] point to legislation that you are solving.”
four. True or false: UBS analysts just lately wrote that whereas they’re “doubtful cryptocurrencies will ever become a mainstream means of exchange, the underlying technology, blockchain, is likely to have a significant impact in industries ranging from finance to manufacturing, health care and utilities.”
5. What did outstanding London-based enterprise capitalist Eileen Burbidge lately level to as probably the highest menace to the U.Okay. capital’s place as a fintech hub?
C. U.Okay. Foreign Secretary Boris Johnson
D. London Mayor Sadiq Khan
6. Lending startup Social Finance Inc., or SoFi, has ditched plans to broaden into overseas markets and asset administration after its chief government, Mike Cagney, resigned. What prompted his determination to step down?
A. A office scandal
B. A controversial change to the corporate’s identify
C. A push to open a banking subsidiary
D. None of the above
7. China’s “insuretech” business has turn out to be recognized for offbeat insurance coverage merchandise. Which of the next have Chinese insurers provided?
A. Overtime-work insurance coverage
B. Mid-autumn moon insurance coverage
C. Traffic-jam insurance coverage
D. All of the above
eight. Fill within the clean: San Francisco Federal Reserve President John Williams lately stated the Fed is “not developing its own digital currency” in the mean time, and “this will be ____________ over the next decade.”
A. a really thrilling space
B. a catastrophe zone
C. enjoyable for bankers
D. a supply of confusion
9. In mid-2017, Betterment, the most important pure-play robo-adviser startup, topped an enormous spherical quantity when it comes to belongings underneath administration. What was that quantity?
A. $1 billion
B. $10 billion
C. $100 billion
D. $1 trillion
10. The U.Okay. startup with the fastest-growing valuation amongst all of Britain’s startups is a fintech firm, in response to a rating from investing platform SyndicateRoom. Which firm is it?