Finance is seen as one of the industry’s most vulnerable to disruption because financial services, are much like publishing, which are made of information rather than concrete goods.
FINTECH is a hybrid of the terms “finance” and “technology” and refers to any business that uses technology to enhance or automate financial services and processes. This is a broad and rapidly growing industry serving both consumers and businesses. Financial technology is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. The tools and applications of FinTech affect almost every person who wants to make financial transactions. With the use of these services, consumers find easy-to-use peer-to-peer (P2P) and digital payment solutions to transfer money across regional and national borders.
The FinTech applications for internet business will permit retailers to catch a major portion of FinTech items deals. Expectations are that by 2040, practically all retail buys (95%) will be made on the web. On the off chance that these forecasts materialize, the worldwide retail web-based business and it will grow immensely. A major piece of the advantages of internet business for retailers will come from the online deals and acquisition of web-based business monetary administrations. It is an emerging industry that uses technology to improve activities in finance. The use of smartphone for mobile banking, investing, borrowing services, and crypto currency are examples of technologies aiming to make financial services more accessible to the general public.
