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