Blog
Ohio’s Thriving Financial Services Sector and the Rise of Fintech
As the fourth-largest financial services economy in the United States, Ohio is ripe for innovative technology, with 175 banks, over 275 insurance companies, and a $52 billion gross domestic product.
As the Managing Director of Financial Services at JobsOhio – the state’s private, non-profit economic development organization – I have the privilege of leading our efforts to stay on top of industry trends and technological advances. I see, study, and help advance these trends every day.
Like many other industries, technology transforms the way we do business. In the financial services industry, we call it fintech and insurtech, and it is clearly driving significant changes across the entire spectrum of our economic sector.
Gone are the days when companies had limited options for conducting transactions. Today, the focus is on creating better, faster, and safer payment methods. This shift has led to the rise of technology companies operating like banks or insurance companies, and Ohio's large financial institutions have recognized the opportunity to innovate by investing in or developing new fintech solutions.
One event that showcases the incredible growth and innovation in the fintech space is Fintech Meetup, which I recently attended and participated in. This event provides a platform for connecting founders and leaders in the industry while also delivering relevant content and a separate exhibit center to highlight products and services. This year’s Fintech Meetup covered insightful topics, including:
- KYC (Know Your Customer)
- Embedded finance
- Open banking
- AI and data for underwriting and fighting financial crime
- Fintech transforming payments and receivables
- Retail focused fintech
- Payroll innovation
I found the leaders and founders who spoke at the event were particularly impressive. Despite the historical reputation of banks and insurance companies as risk-averse and late adopters, it's clear that the fintech space is hotter than ever, and investment in the sector remains strong.
At Fintech Meetup, I noticed investors taking a more surgical approach to due diligence. They are identifying problems, finding solution providers, and narrowing their focus based on leadership or historical performance. The event's app made it easier for attendees to sift through the noise and schedule meetings accordingly.
Back in our state, JobsOhio plays a significant role in fostering the growth of Ohio's fintech and insurtech community. Our unique funding model, which includes ownership of the state liquor enterprise and using a portion of the profits for economic development, makes Ohio’s economy more resilient and incentivizes companies of all sizes and stages to operate in the state. We are well-positioned to attract new companies to our thriving financial services ecosystem.
Ohio's financial services sector is embracing the fintech revolution, and JobsOhio is committed to supporting this growth. Through our unique funding model, strong community connections, and dedication to fostering innovation, we are well-equipped to help companies succeed in our state. As the financial services industry continues to evolve, we will be there to ensure that Ohio remains at the forefront of these exciting changes.
Ron Rock
Managing Director, Financial Services
JobsOhio