Fintech falls out of favour
Tech is no longer regarded as a sector
FinTech, MarTech, InsurTech, LegTech, AgTech, EnerTech – they’re all dead. A decade ago, news feeds and timelines were swamped with the latest entrant into one of these sub-sectors. Thousands of startups proudly adopted an ‘xTech’ descriptor, as they tried to carve a superniche for themselves from the digital supercycle.
But the fever of digital transformation of business has cooled; the era of digitalization of industry is all but over. The fact is, any business enterprise that has not incorporated digital tech into all aspects of their operation, from planning to sourcing to manufacturing to sales and fulfillment, is likely to be out of business.
Advanced digital technologies like cognitive computing, DNA editing and embedded intelligence – the internet of intelligent things – have exponentially transformed, reinvented in many cases, the traditional industry sectors, and created new global giants.
Any business, in any industry, needs finance, marketing and technology, but they are enablers, allowing the business to serve its central purpose – providing value to its customers. Skilful use of these tools and resources can separate the winners from the losers, but betting your future on tech alone is foolhardy.
Which is why nobody talks about FinTech anymore, but they still talk about finance. Hyperloop is not tech, but like the latest jetliners and SpaceX reusable rockets, it’s tech-enabled transport. Say goodbye to EverythingTech; long live technology!
Warning: Hazardous thinking at work
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