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It's Time for Accountants to Embrace Fintech

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When it comes to fintech, accounting and finance professionals aren't all on the same level. If you haven't taken the time to learn about financial technology, it's time to change that. Michael Ly offered a Fintech 101 session at the recent AccountingWEB Live Summit. Here's what you need to know to get the basics down.

May 26th 2022
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“What comes to mind when you hear the word ‘fintech’?” Michael Ly asked the packed room during his session at the AccountingWEB Live Summit. 

Several people shouted out answers. “Intuit Quickbooks!” “Xero!” “Automation!” “Innovating!” 

Although fintech – or financial technology that delivers financial services, such as online banking – has been in the consumer space for 10 years, Ly noted it’s made few inroads into the world of SMBs. However, he predicts that will change shortly, if it hasn’t started to already. And many accountants still need to catch up. “What’s Next? Fintech Trends Accountants Should Pay Attention To” was Ly’s contribution to offering a “fintech 101” class to accounting professionals.

Many accountants are concerned they might be rendered obsolete by fintech, while others are interested but not sure what it is or where to start. The history of this technology is illuminating and serves to provide context for where we are today. Fintech has actually been around for about 10 years, even if you didn’t realize it. It focused mostly on consumers and included things like banking apps on your phone, crowdfunding platforms, and apps that help people invest their money. Now, fintech is rapidly expanding, and it’s had a huge impact on the way we do business: Ly predicts that almost every major company will get involved in fintech one way or another in the next few years. 

But how did we get here?

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