How #WallStreet has been shaping #fintech to the form in which we see it now
- With #NASDAQ, #WallStreet introduced an entirely new way of trading securities — #e-trading, which enabled fast and #seamless trades between parties independently of their distance (including cross-border trades) and made possible fundraising through #IPOs.
- Wall Street was the first cluster to try out internet banking as a new way of providing fintech services to customers via the internet. For now, internet banking usage among active users aged 16 to 74 hovers around 50% across countries.
- Wall Street’s Bloomberg rapidly became one of the leading providers of fintech news in real-time, which became extremely important after the stock market crash of 1987.
- Blessing in disguise; after New York’s Black Monday, trading was utterly computerized, thus becoming faster and more secure. Additionally, the circuit breaker rule underpinned the stock market, safeguarding it from possible collapses in the future.
- Wall Street’s FSTC laid the foundation of fintech as the definition and the idea of bringing technology and finance together.
The Wall Street cluster made the most of its ups and downs, bringing the solutions that defined the fintech space for years to come. Nevertheless, the evolution never ends, and Wall Street’s fintech keeps going its unique, convoluted way, determining innovation standards to follow.