Fintech Is Overthrowing the Traditional Banking Sector
Since February 2019, the Ark Fintech Innovation ETF (NYSE: ARKF), exchange-traded fund (ETF), is up over 100%.
Meanwhile, the Financial Select Sector SPDR Fund (NYSE: XLF), which represents the traditional banking sector, is in negative territory over that time frame:
Fintech Stocks vs. Traditional Bank Stocks
That’s because fintech, short for financial technology, is eating the traditional banking sector.
In today’s Market Insights video, I’m joined by Steve Fernandez, the research analyst for our Automatic Fortunes service.
We discuss why fintech’s incredible growth is just getting started.
Editor, Automatic Fortunes
My career on Wall Street started while I was in college. I spent a summer interning for Merrill Lynch in the middle of the ‘90s bull market. I was fascinated with trading, and as a result, after college, I joined Salomon Brothers in the famed mortgage bond trading department. Later, I spent time at Citigroup working with credit derivatives. Eventually, I needed to walk away from the excess of Wall Street. That’s when I joined Banyan Hill in 2017. Now I help readers get ahead of the market and build their retirements.