Overriding FINTECH

Finance & technology have been coexisting during the evolution of modern society and this coexistence was mainly restricted to collection and payment of taxes in the form of coins and paper money, managing government finances, and agricultural production. The term FinTech emerged in 1972, as an acronym of Financial Technologies, is often described as amalgamation of financial services using technological evolutions, and its usage was earlier limited to banking sector deploying modern management Science and Computers (Bettinger, 1972, p.62). Fintech was mainly restricted to back-office processes of banks leveraging software and applications to manage customer accounts and their transactions in a secured, centralized, and efficient way. Micu (2016), referred Fintech as a new paradigm of technology to facilitate business, international trade, and services offered to retail consumers. Schueffel (2016) conceptualized FinTech as a technological encapsulation of Financial Sector rather than a technology. Smartphones with high speed Internet has triggered the growth of Fintech through customer facing apps. Takahashi (2018), predicted that global smartphone usage will surpass 3.8 billion by the end of year 2021, accounting for 48% of the global population. The evolution and future of FinTech can be analyzed from the glasses of historical dissection, in accordance to following versions.