From Mobile Wallets to Blockchain: How Fintech is Growing Up

(L to R): Jake Siewert and Jeff Gido of Goldman Sachs

April 10, 2018//- The U.S. is in the third wave of fintech, according to Jeff Gido, global head of the Financial Technology sector in Goldman Sachs’ Investment Banking Division.

This wave is characterized by large banks and financial institutions partnering with startups rather than attempting to compete through in-house solutions as they did in fintech’s second wave.

“We’re seeing much more two-way dialogue [between financial services incumbents and startups]. We’re seeing much more cooperation, many more partnerships,” said Gido in the latest episode of the firm’s podcast, Exchanges at Goldman Sachs. 

“And we’re actually seeing a lot of investment by traditional financial services into these fintech startups.” The fourth wave — of which Gido says we’re on the precipice — will be driven by new technologies such as artificial intelligence, the Internet of Things and blockchain.

Goldman Sachs 

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