Capital One is one of the biggest credit card companies in the world. On July 29th 2019, Capital One made an announcement: it was the victim of one of the largest data breaches in financial sector history. A former software engineer for Amazon has been indicted on charges related to the hacking.
Cash needs to move in order for the economy to work. Traditionally, banks are the major lending institutions, and as a result have to cling to a variety of regulations. To provide an equitable system that people aren’t afraid to use, there are a lot of checks and balances that have put in place by the bank and regulators. Today, there is an increase of what are called marketplace lenders (MPLs) that are altering the way people and businesses can access capital and it is powered by what is referred to as FinTech, or financial technology. Below let's take a look at FinTech and how it is changing the way we manage, borrow, pay, see, and use money.
