Financial Technology (Fintech)

Abstract

Financial technology (FinTech) is a terminology used for applying technology in financial aspects. This technology started in its early days being very vague and unreliable, nowadays almost all financial institutes apply it in their operation. Added to that, it became so reliable that even small and medium enterprises use it in their transactions and asset management. Regulating authorities in certain sectors made the use of FinTech mandatory for daily operation of those sectors. The importance of this technology is growing rapidly to become mandatory in most of the sectors around the world. The investment in financial technology companies raised from 1200 million USD in 2008 up until 12,200 million USD in 2014 within a time frame of six years this increase was around 10 times and analysts claim that this figure will keep increasing every year (Truong in How FinTech industry is changing the world, 2016). Recently, FinTech is the scale by which the development of the financial institutes is measured at. The ease and readily availability of this technology on mobile devices saved not only time but it threatened the existence of face-to-face transactions. This study will cover a literature in which the evolution, types, success factors and models of FinTech in which a thorough look is given to these elements based on existing studies.