Financial Technology (FinTech) represents a combination of financial services with Information Technology (IT) that is disruptive to the incumbent financial system as it transforms financial services including enhancements to existing areas as well as entirely alternative solutions.
For example, the legacy financial system is under serious threat from emerging technologies like BlockChain technology to eliminate the need for an intermediary trust agent for payments clearing and settlements.
Digitization of finances and democratization of mass access are the key growth factors for FinTech disruption across the world. FinTech enable services include peer-to-peer money transfers, lending services, online payments, and mobile payments.
Financial organizations can develop solutions in-house, partner with FinTech solution providers, or acquire them. Apart from operational issues and/or user experiences, CAPEX and OPEX factors greatly impacts these decisions.
This research provides a comparative analysis between the legacy financial system and emerging FinTech solutions including disruption, potential benefits, and challenges. The Report evaluates the evolving FinTech market ecosystem including startups, banks, investment companies, insurance companies, and non-financial organizations.