Financial Technology, or “Fintech” can encompass a broad variety of solutions, services, and sub-sectors ranging from mobile banking to artificial intelligence. The recent increase in demand for more efficient and mobile financial services along with the integration of technology into traditional business processes has led to the rapid emergence of financial technology in Wake County, the U.S., and across the globe.
The Triangle’s Regional FinTech Ecosystem:
The Research Triangle’s close proximity to major financial markets offers a unique value proposition to the local Fintech sector. With close proximity to Charlotte, North Carolina, a major hub for banking and other major metros such a New York which has a major concentration of financial services, the Research Triangle is strategically positioned to become a key player in Fintech.
Disruptive Fintech startups and tech companies, like SAS and RedHat, are innovating in software development, data analytics, AI, and more. Local financial institutions are investing in internal R&D, startups, and partnerships with large tech companies to take advantage of this new division of financial services. Graduates from NC State, Duke University, University of North Carolina, and Wake Tech Community College are helping develop a pipeline of career-ready, highly educated talent that has the aptitude for Fintech services and solutions.
The local Fintech ecosystem is quickly emerging due to a number of factors, but mainly due to growth, strength in IT/tech, talent from local colleges and universities, and proximity to other financial services hubs.
Understanding Financial Technology
In an effort to better understand and promote the financial technology (Fintech) ecosystem, Wake County Economic Development partnered with RTI International to perform an industry analysis of the sector. The goals of the study were to:
- Define the Fintech sector and develop a structural framework of the ecosystem
- Develop a database of existing Fintech companies in the region
- Identify the Triangle’s assets, strengths, and opportunities for growth within the sector
- Communicate the Triangle’s competitive advantage in Financial Technology
Interactive Company Map:
The following link provides an interactive map of companies identified as being within the Fintech ecosystem in the Research Triangle. Companies fall within the categories of financial institutions, tech companies, disruptors, payment infrastructure providers, and promotional organizations. It is important to note that not all of these companies can be considered “true Fintechs” but still play an essential role in the growth of this sector.
For more information regarding the financial technology industry in Wake County and the region, contact Kathleen Henry.