Blockchain Can Give Identities to the Undocumented
In the last three years alone, global fintech investments have grown to a total of [$122B], led by the U.S., China, and the European Union. Decentralization is being driven by millennials who are seeking responsive, cost-effective, and transparent banking and finance platforms. Incumbent banks are both under competitive threat from and reliant on fintech startups to bring innovation from the outside.
Financial institutions are at risk of being relegated to execution and transactions by millennials intent on taking direct control of their financial destinies. Financial advisors are being replaced by complex data algorithms and robo-advisors. Single and multifamily offices are on the rise as people set up their own shops to invest in equities and finance projects, taking away control from large traditional players.