Financial Innovation and How it Evolved Since the 60's

Financial innovation has enabled the development of various technologies that have made life more convenient for people, including online banking, cashless payments, the use of wearables to make payments, and automated money management tools. Visa has been one of the front runners in innovation, experimenting with various technologies such as real-time payments, white label mobile apps for banks, and baking technology into wearables. Digit, an SMS chatbot, helps millennials save money by automating the process and has helped people save over §350 million since its launch. The history of financial innovation includes the development of ATM's, debit cards, interest rate and currency swaps. There are several companies in the field of automated money management such as Digit, Acorns, Qapital, and Tip Yourself. The future of financial innovation looks bright with companies such as Goldman Sachs, Quantopian, and others making innovative contributions to the industry.