FinTech - An Exploratory Study and its Applications

Abstract

The evolution of internet disrupted or even shattered some of the conventional industries throughout the ’90s and in this 21st century. To cite, the way record industry which has been completely wiped out due to online streaming companies. The street fashion shops are taken over by online retail shops. Also, the Finance and Banking industry is changing rapidly in comparison to other industries. However, the word ‘Fintech’ is redefining 'Finance and Banking Industry.’ Fintech is an amalgamation of Finance and Technology Services. The innovative technological services in order to provide online financial services in comparison to traditional financing practices. Fintech can evolve as a powerful tool by harnessing the spending habits, consumer lifestyle and addressing the pain points of the customer using BIG Data Analytics. The essence of this paper is to study about Fintech and how it enables better access to financing and the disruptions it is bringing to offer the best services in a limited time.