Since 2008, an increasing number of technology ventures have been revolutionising the financial industry.

This is what I called in 2013 the “FinTech Revolution”.

In this article, I focus on the reasons for this revolution from a strategy and innovation perspective.

I also listed some of the best FinTech ideas. These are great examples of disruptive ideas that have now become significant providers of financial services.

A Change of Paradigm

The internet has allowed an innovative jump to occur in many industries. Customers have now an easy, very affordable access to books (e.g. Amazon), furniture (Made.com), TV (Netflix), education (Coursera.org), media (YouTube)…

Business ecosystem is an important concept in marketing strategy.

Why?

Being part of an ecosystem boosts both innovation and growth.

(1) It opens many doors for innovation by preventing from having to reinvent the wheel.
(2) It’s a springboard for reaching new audiences.

Building a Business Ecosystems as Competitive Advantages

Leading an ecosystem is the dominant form of competitive advantage in high-tech. It helps tech companies create what Warren Buffett calls an ‘economic moat‘.

I love Buffett’s medieval metaphor.

What does it mean?

Social network. Marketplace. SaaS. These buzzwords are no longer synonyms of massive business opportunities.

The gold rush has already happened.

But a new business model has emerged.

Market-networks are hybrid animals: part social network, part marketplace, part SaaS. [1]

• It’s a social network. Professionals use profile pages to showcase their work and demonstrate their credibility. They also connect with each other and build relationships.
• It’s a marketplace. Professionals come online together to find other parties with whom they can do business.
• It’s a SaaS tool. Professionals use the tools on the top of the marketplace to negotiate, do the job, or manage the paperwork.