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The article needs more information added to both the outlook, as well as challenges and solutions. Fintech is a relatively new addition to the financial services industry and for this reason, there have been numerous discussions regarding the future fintech holds. Financial Services have begun involving and evolving around financial technology, and more and more companies have started investing time and money into this new addition. The growing popularity really portrays the future potential fintech holds worldwide. For this reason, there is a lot of information that can be shared about the outlook of this particular topic. Furthermore, Fintech has also been seen to disrupt the traditional methods many financial institutions used to provide services. The numerous debates and discussions related to this, have helped identify some of the challenges and disputes fintech will cause or have caused. For this reason, I believe the challenges and solutions section can also be expanded on greatly. This article has a lot of information that can be added and some of the topics I wish to expand on personally are the opportunities linked to fintech, block chain in fintech, as well as regulations in different parts of the world affecting fintech services.

Financial Technology
Technology is taking over the conventional methods people use to complete day to day tasks. The most convenient method to perform basic financial service tasks are majorly done through digital platforms and consumers are adapting to this change at a very rapid pace. Basic services that are being integrated onto digital platforms include the ability for clients to transfer money between accounts, pay off bills, as well as create a personalized investment portfolio. The main reason for this change is simply because consumers demand it; more now than ever before. They are looking for convenience and fintech companies are opening every door to provide their consumers this convenience. By integrating these services through digital platforms, consumers are finding it easier to manage their tasks around their free, manageable time.

Key Areas
Financial Service Institutions are amongst the various companies funding fintech globally. Citigroup, Wells Fargo, Morgan Stanley are a few of the many institutions that have invested in numerous fintech companies.

In 2016, J.P Morgan's Corporate and Investment bank developed an in-residence program allowing fintech startups to work alongside employees within the institution. This was an investment made in hopes of achieving cheaper, safer, and faster operations.

Financial Institutions invest in fintech in numerous ways. While some institutions have started partnering with fintech companies, others have started developing their own fintech systems. Some companies have also bought over fintech companies as an immediate investment.

Fintech has also been recognized by the British Treasury in the United Kingdom. They acknowledge promising entrepreneurs, engineers, as well as marketers who fall under the top 35 under 35.

Soon after the 2008 financial crisis, many financial institutions faced numerous regulatory changes. This drove-up costs for these institutions and for this reason, the Global Financial Centres initiated a search in hopes for new development measures to sustain business practices more efficiently. In 2016, they focused on initiating new technological developments to enhance the delivery of various financial information. It is important to consider how to mitigate the risks of data and information breach when information is transferred. Blockchain is seen as an efficient solution to data and information security. Blockchain acts as a digital backbone that strengthens digital relationships and eliminates the distribution of personal information reaching unauthorized individuals.

Fintech and Banks
In the last couple of years, the financial services industry has gone through many major changes; more so towards the banking sector. Banks have began shifting from physical, traditional bank branches, to what are now known as Shadow Banks. Many fintech experts and entrepreneurs have also gained great market share among the shadow banks.

According to Greg Buchak et al, reasons for consumers shifting their investments to fintech lenders appear to be better rates of interest for the funds they wish to invest in, as well as faster and more convenient services.

The changing face in Financial Services is being observed by individuals globally. Conferences and events take place worldwide - often to recognize and further understand the changes that will come with time. These events address many topics related to fintech. Some of which include:


 * Scope and Opportunities
 * Cybersecurity
 * Blockchain
 * Artificial Intelligence

Carol Ko suggests the idea behind fintech wasn't to compete with the banks, but rather was an opportunity to collaborate with banks to reach customers that fell under the unbanked population. Trying to market similar services however, was and has been seen as competition to financial institutions - maybe this is why banks and other financial institutions have only now started to partner up with fintech geniuses.

Regulation
In the last couple years, compliance and regulations appear to have become a focus for all businesses and institutions especially within financial institutions considering the amount of money exchange involved. While regulations are still being altered around fintech startups, Stephen Loesch suggests there are certain regulations which are applicable to most fintech businesses. Some of these regulations include:


 * ensuring appropriate measures are taken to avoid money laundering
 * keeping customer data safe, and confidential
 * Maintaining customer protection by conducting suitability test; this is also referred to as know your client

Fintech firms are not obligated to disclose as much as large financial institutions are.

The lack of fintech regulation causes great systemic risk. To mitigate such risk, it is important for regulators to properly monitor the overall risk. The structure of fintech startup businesses however, act as a barrier to such productive monitoring. Financial Regulation standards will be required to accommodate the business model relevant to fintech, as well the risks that follow.