Financial Services Third Wave of Innovation: AI & Machine Learning

Wave 1 - The Internet: The dawn of the Internet was the first wave of innovation in fin tech. In the early 1990's many people were still get stock prices from Newspapers a day later than the price. With the Internet came access to stock quotes and stock trading -- both of which were tightly held by the finance industry as barriers to entry for a retail investor. Wave 2 - Democratization of Data: This started in 2009 after the great recession and really took hold about two-years ago: the democratization of all financial data -- that is financial statements, events, insider trading, and more. As small fin techs scraped the SEC filings, the data sets became available to smaller firms to re-publish in their own portals.