“Fintech”— technology that improves operations and customer service in the finance industry — is a rapidly growing sector in Florida. Technologies include blockchain, mobile applications, artificial intelligence (AI), machine learning, and cloud-based data management. Fintech improves speed, security, customization, and mobile access to services and transactions. Also, as regulations become more complex, a new class of services known as “regtech” is emerging that will utilize AI to analyze large volumes of regulatory data.
With vibrant fintech clusters across the state, including Jacksonville and Miami, Florida has become a key fintech player. Home to more than 120 commercial banks representing nearly $157 billion in assets under management, Florida’s financial services industry is one of the state’s fastest-growing sectors. Miami, with more than 30 international banking regional headquarters, is Florida’s largest fintech cluster. Known as “Wall Street South,” the city is an international banking hub that primarily services Latin American and Caribbean markets. Another growth market is Jacksonville’s investment-banking sector, which attracts financial institutions (FIs) that locate their investment banking hubs there for continuity purposes. “A Florida-based location allows institutions to keep their operations afloat when Wall Street is down,” says Tim Vanderhoof, senior vice president of business development at Enterprise Florida.
Source: Florida Trend