So what do we mean by the term FinTech? It's an abbreviation of financial technology. Broadly, the term is used to describe startup disruptors seeking to use technology to automate the delivery of financial services. As such, the FinTech space is extremely broad, encompassing a wide variety of technologies and solutions. But the common trait is that they all in some way challenge and threaten the incumbent offerings. Recently, the FinTech space has been evolving. Rather than being a collection of startup firms chasing capital and looking to simply beat incumbents, fintechs are increasingly looking to partner with established financial services firms. FinTech firms are queuing up to pitch at banks. ING recently commented that they receive up to 10 pitches every month on everything from regulation, compliance, risk, data and trading applications. Those FinTech firms pitching to investment banks breakdown broadly into two categories. The first being fintechs started by former bankers who see an opportunity to solve a problem for the big banks. Secondly, fintechs hiring former bankers to gain access to the investment banking world, which is often fairly closed to them. In response, traditional investment banks have sought to become more like these challengers, investing heavily in new systems and taking new approaches to entrench processes.