Abstract
Due to the continued advancement in financial technologies, global businesses and startups have discovered new windows for potential economic gains. Potential investors are on the hunt for opportunities that would match the growth trend in fintech opportunities. Through a cross-sectional survey of different articles and other publications, the current study explores the various sectors in which fintech has discovered applicability. Even the emergency of personalities, most predominantly influencers, artists, content writers and unapologetic financial inclusion (low wage group, black, women, etc) has been traced to the 21st-century fintech breakthrough. An analysis of the pre-and post-pandemic fintech trends is also provided based on thorough qualitative research.
Highlights
Over the years, the financial services industry has experienced drastic changes solely influenced by technological advancements
Compared to the traditional financing system characterized mostly by offline banking, modern banking has been drastically changed by complex technologies comprised of AI (Artificial Intelligence), cloud services, virtual reality, climate sustainability, and augmented reality (1)
At the beginning of the 21st century, Fintech emerged into back-end systems of existing financial institutions and as technology advanced, fintech shifted to a customer-oriented system to include industries and sectors such as education, nonprofit and fundraising, investment management, retail shopping, development, and utilization of crypto-currencies, etc
Summary
The financial services industry has experienced drastic changes solely influenced by technological advancements. At the beginning of the 21st century, Fintech emerged into back-end systems of existing financial institutions and as technology advanced, fintech shifted to a customer-oriented system to include industries and sectors such as education, nonprofit and fundraising, investment management, retail shopping, development, and utilization of crypto-currencies, etc.
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