Introduction

"Fintech is a term used to describe financial technology, an industry that encompasses any type of
financial services technology, from business to consumer. Fintech describes any company that provides
financial services through software or other technology, and includes anything from mobile to
cryptocurrency payment apps. Fintech broadly describes any business that uses the Internet , mobile
devices , software technology, or cloud services to perform or connect to financial services. Almost all
fintech products are designed to connect consumer finances with user-friendly technology, though the
term also applies to Business-to - Business (B2B) technologies.

Fintech has made hundreds of projects on inroads and modified the way customers control their
finances. From electronic payment applications such as Square (SQ) — Advertising to insurance and
brokerage companies, fintech has challenged conventional finance and banking sectors — and presents
a possible challenge to existing, brick-and - mortar banks or financial institutions. Initially, fintech
referred to technology that was applied to banks or other financial institutions' back-end systems - but
has since grown to encompass a plethora of other, more consumer-focused applications. In 2020, this
technology (and sometimes on our smartphone) will help you to control assets, exchange stocks, pay for
food or control insurance. Fintech 's tools are shifting the way many consumers track, manage and
facilitate their finances. Indeed, according to 2016 data , people use one to three apps to manage their
finances where, in 2017 alone, fintech investment soared by 18 per cent.

Fintech 's solutions change the way many customers control their finances, handle them and promote
them. Indeed, according to statistics from 2016, people are using one to three applications to handle
their investments, where fintech spending jumped 18 per cent in 2017 alone"

Literature Review of FinTech

The fintech sector is evolving rapidly, but in academic practice and business journals there is a great
variety of definitions of the concept. Meanwhile, even though stakeholders agree on the core elements
of the term, it has not clearly defined its scope. Opinions vary as to whether only newly emerging
technology-based financial firms can be called fintech, or whether incumbents can also be considered
fintech, if they are innovating a new technology-based service or product. Nor is it clear whether there is
a threshold for market capitalization, which can be used to distinguish fintech from traditional financial
intermediaries. Despite the differences, definitions agree that fintech refers to companies developing
financial services and products by relying on far more intensive use of IT.

As, in Table 1 we will see That all definitions of the fintech sector have their own merits and serve the
research or business objectives of the authors. Arner, Barberis and Buckley were among the first
scholars to examine the evolution of fintech using a broad definition of the term that proposed that all
incumbent and new financial firms and industry participants could be regarded as fintech, regardless of
their size, business model or product portfolio. The approach is useful in research using an evolutionary
perspective, since financial technology development is classified into three major, sequential phases.