Fintech: A financial technology that reinvents modern banking

Confiscate the software and destroy the patents.

Justice League

60 Minutes:

The following is a script from “Fintech” which aired on May 1, 2016, and was rebroadcast on Aug. 21, 2016. Lesley Stahl is the correspondent. Shachar Bar-On, producer.

One sector of our economy after the next is being disrupted by new apps and websites, like bookstores, travel agents, taxis, hotels. Tonight, we’re going to explore whether the banking industry is next on the list. As we first reported in May, thousands of startups are challenging many aspects of banking, the newcomers argue that this important sector is too set in its ways. It’s being called the financial technology — or fintech — revolution. We looked at the birth of one fintech company founded by two young fintechies who started not unlike the founders of Facebook and Microsoft.

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Patrick Collison: In a world where people can send a Facebook message or sort of upload an Instagram photo and…

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