The Rise of Fintech
Have you ever wondered what has made managing money easier for us? The answer is fintech. A couple of clicks and you're set to go. The days of waiting in long lines in old bank corridors are history now, now we move through financial landscapes swiftly on touch screens. Waiting in long lines in bank corridors? They're a thing of the past. The commercial world has been bestowed with a trendy makeover all thanks to "financial technology", abbreviated to fintech. Innovative technologies are continuously changing how we deal with banking, loans, insurance, and much more. Our monetary transactions are now faster, easier, and safer than ever.
The most sophisticated venture of innovative tech has been the introduction of a plethora of financial apps. From bill payments to money transfers, everything can be automated through these apps. Money management on the go is the most lucrative aspect of fintech applications. These apps help users save tons of time and energy.
In 1886, fintech's foundation was laid when the first transatlantic cables began to speed up fund transfers across the globe.
By 1967-2008, big banks started surfing on the digital wave by leveraging mainframe computers that automated all important systems and behind-the-scenes processes. By the 1950s and 1960s, ATMs were introduced to allow people to be better able to access their cash. Finally, in the 1980s, online banking ascended and for the first time users could manage their accounts from the comfort of their homes.
From 2008 onward, mobile banking rose. Smartphones made it possible to check balances and transfer funds anywhere. Cloud computing and big data analytics also entered the scene. The tremendous growth in APIs helped organizations collaborate and bring exciting new products like India's Unified Payments Interface (UPI). Blockchain technology began to sparkle owing to its security. From 2018 to the present, artificial intelligence (AI) has brought about an array of personalised financial services that can be accessed on the go. Machine learning (ML) has done something similar as well by predicting user needs and automating risk assessments.
The global fintech market is thriving and is expected to reach US $608.35 billion by 2029—a huge jump from US $312.92 billion in 2024, that is, over 14% growth year on year. As technology keeps running ahead, even more thrilling feats await us in fintech.
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About the author,
Arisha Ali Rahi
A girl who loves writing, whether it be fiction or not. An introvert who floats away in her imaginary world. Navigating her writing journey by leveraging her experience as an academic subject matter expert.
