FinTech

What is FinTech?

Financial technology ("FinTech") generally refers to digital innovation in the financial sector. At its inception, the understanding of FinTech was limited to innovative ways of facilitating payments and transactions. Underpinned by revolutionary shifts in Internet and mobile technology in recent years, the realm of FinTech has witnessed explosive growth. Nowadays, it refers to a wide variety of technological interventions within the financial services arena, such as crowdfunding, online customer acquisition, mobile wallets, P2P lending, MPOS, MSME services, personal financial management, private financial planning, Blockchain and crypto currencies.

Given the opportunities that FinTech affords, many technology companies have been actively trying to tap into the financial market. As such, FinTech is also used to describe businesses that aim at providing financial services by making use of software and modern technology. 

In the next decade, numerous estimates show that Robotic Process Automation (RPA) will eliminate various jobs that are based on repetitive tasks. Within eight to ten years, widespread cognitive augmentation and automation will have completely taken root in businesses, while dependence on Machine Learning Platforms (MLP) is likely to have become the norm. This implies a tectonic shift for the future of work, with both pros and cons in tow. For example, routine, mundane and predictable jobs such as parts assembling and food packaging no longer need to be carried out by humans, who could alternatively take up more strategic and managerial roles that require creative processing and emotional intelligence – two traits that machines do not possess. While clerical tasks may undergo gradual automation, managers in the insurance, banking and legal industries will still need to apply their analytical thinking, interpersonal skills and problem-solving acumen to deliver the best experience for clients.