The past few decades have changed the way we live in many different ways. The changes have occurred in both economic and cultural spheres. Yet, the economic transformation was particularly significant, almost entirely driven by major technological advancements. Every industry has somewhat changed, yet the financial sector has gone through some unprecedented times of revolution.
These days, customers of commercial banks and other kinds of financial institutions can not imagine performing different transactions without an online or a mobile platform. They are much faster, smoother and more convenient, as well as better-streamlined than any of their predecessors. As a result, within a very short period of time, the general public became absolutely dependent on them.
The progress is evident when we look back over the 2010s. This was the era when fintech, as a well-established niche started to make headlines all around the world. Fintech, for those who have yet to hear about it, is a niche of the financial industry. The term comes from simply a combination of two words – financial and technology.
The popular belief is that fintech became a thing only throughout the past decade. Yet, in reality, it has been around for at least 70 years. The 1950s marks the decade when first credit cards were introduced to the public. It was a paper card, far from our modern contactless ones and had not much to offer. Thus, it failed to gain momentum at that time. However, along with the launch of debit cards, they both transformed into small and convenient plastics – largely appealing in the eyes of the 1990s newly emerged consumers.
As a result, for roughly 30 years now, fintech has been rapidly growing while gradually changing the way we live. It takes quite some time and thinking to realize how big of an impact it has had on our past, what it is doing to the present day and how it can affect the future. Mobile payments, such as Apple and Google pay are also becoming significantly…