By ByeongHoon Yoon 1, JungRyol Kim 2, YenYoo You 1, SangBong Kim 2*

Affiliations:1.Department of Knowledge Service and Consulting, Hansung University, Korea, Republic of; 2.Department of Economics, Hansung University, Korea, Republic of

Because the development of Information Communication Technology (ICT) has been reflected in a variety of forms throughout the various areas of society, it has a significant
impact on the quality of people’s lives. Many services that were thought to be impossible in the past actually exist today, and the development of additional services is an ongoing process. ICT has been developed in many areas, including communication, production, and services. Not only has ICT played a crucial role in reducing costs and improving service levels for management, it has also significantly impacted the lifestyle of users. Due to such changes, a higher level and incorporation of ICT in various areas became a necessity for companies as well as users, and in many areas, the expectations for ICT are
being met. The area that is receiving the most attention today in ICT development is the financial services area. Change began as the financial sector, which previously interfaced
with customers and provided services solely through offline bank branches, started to provide diverse and convenient services including internet banking by integrating IT technology. The wave of fintech, which is IT-based financial service, is sweeping the world. Fintech refers to the convergence of finance and technology and differs from existing electronic finance.While electronic finance has continuously supported the
existing financial system by supporting it technically, fintech has a property of disruptive innovation that could change the existing value chain of finance. According to a survey by Venture Scanner, as of June 9, 2015, 1,141 fintech companies in 53 countries around the world are running new businesses that destroy existing financial areas such as personal and corporate banking, payment, asset management, remittance, and insurance. Today, various types of services are developing in the fintech market’s initial stage, and users understand fintech simply as mobile payment. Some do not foresee that fintech will be an ongoing topic, although they may see it as an issue of the moment. Nevertheless, the fintech market is continuously growing due to support from each national government and due to market expansion. The ability of fintech to quickly remove inconveniences experienced by users who used financial services in the past, using IT technology, is a big advantage to users. Although the fintech market is increasingly expanding, studies on fintech are still lacking. Although a variety of discourses about fintech exists today, an exact definition is absent and prior research is scarce. As for critical perspectives on fintech, although various problems are being identified in the context of tense disagreements between existing finance camps, which states the advancement of IT technology entails for financial development and IT camp, which claims to separate and define the case in which IT-based company enters into finance only, correct direction is absent. This study aims to analyze the results of a survey that targeted users of fintech service in key countries, to generate basic data to support the provision of consulting
services to fintech companies, including start-up andsmall- and medium-sized companies.

study fintech

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