The recent history of the global economy and innovation has been driven by technological advancement. Research, science and their outcome have been the fuel for the worldwide revolution, changing industries to their very cores. Digital adoption is nothing new as businesses big or small have been trying to make their products and services more convenient than ever before. These companies are present in every sector, including the news and media, entertainment, communication, education, and others. However, the field that has gone through the biggest transformation is the financial industry.
Modern consumers are quite different from what they used to be just a few decades ago. The ever globalizing world is developing at a fast pace and every industry needs to grow along with it. The needs of today’s populations are nothing like what we required to function only roughly 10 years back.
Today, no commercial bank or another type of financial institution operates without a digital, mobile platform. Financial transactions and other services are offered through web and mobile pages, making them much more convenient, smooth, well-streamlined and most importantly fast. Customers no longer need to leave their homes or workplaces to benefit from the services their commercial banks have to offer.
There is even a niche within the financial industry called fintech. This word is simply a combination of two terms – financial and technology, indicating the current relationship between the financial industry and technological advancement.
Yet, not many know that fintech is not essentially a new niche. It has been around since the 1950s when first plastic debit and credit cards were introduced. However, plastic cards did not manage to find immediate success more than half a century ago. Thus, fintech as a well visible and constructive niche only emerged as cashless payments gained momentum in the 1990s. First, it was regular plastic cards and their advancement, later…