In Defense of the Open Office: Work Environments That Are Critical to FinTech Success
FinTech Comes to Fruition
The financial sector has, historically, been resistant to change—largely a byproduct of risk aversion and the economic and legal pressures of regulatory compliance. But over the past decade, this entrenched inertia has been upended by post-recessionary survivalism and the rise of FinTech, an abbreviation for “Financial Technology”.
The term “FinTech” was initially coined to describe the technologies leveraged by financial institutions’ back office teams. However, over the years the definition has broadened to include:
• Established financial institutions that have adroitly responded to today’s digital world
• Silo-crossing startups that partner with such institutions
• Neophytes attempting to disrupt incumbents by developing products and services outside the realm of regulation
• Technology companies providing relevant tools or support to the financial industry
This paper predominately focuses on the first grouping noted above:
longstanding financial-service companies that have overhauled their business models and work processes in an effort to become technologically current and digitally optimized.