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Cornell Student Articles on Topical Affairs

Complete transition – The Fintech revolution

Technological advancement has given the world so many powerful revolutions. Electricity lit up our lives and now we are witnessing the beginnings of the first semi-autonomous vehicles, curtesy of electricity. We now have online shopping, which has changed and expanded the global marketplace definitively. We are seeing the beginnings of machine learning and AI implementation among various industries. The internet and 4G mobile connectivity gave us mobile banking apps and email that allow us to be on the go and active no matter where in the world we happen to be. And yet, even with all these wonderful and transformative revolutions, there are some that the world was not planning on at all. One of these revolutions is Fintech. Fintech is a revolution that the world perhaps did not expect. Designed to support or enable financial services and platforms (including banking), Fintech has been brought to life through technological advancement.

The introduction of technological advancement gave the world many incredible feats of innovation, but Fintech is set to be among the most transformative of them all. This is not to say that previous technological innovations have not changed the world, but rather that Fintech is going to completely revolutionise not only banking, but the way that we interact with, use, and maintain our finances. By going digital, the financial industry can make changes and expand beyond the initial reaches set upon it by the finite resources that come with traditional banking methods and models. The Fintech revolution is impacting the financial industry in monumental waves, but it is also single handedly changing the way we conduct and maintain transactions in all aspects of business and everyday life. This is the digital transition that the world has been eagerly waiting for. This is the future in motion.

We are in a time of transitioning from one era to the next. Finance has been one of the very last industries to be subject to technological disruption, but now that it has begun it is coming in great waves. Through concepts like blockchain, automation, improved tech for full adoption, and data, Fintech is successfully driving itself even further than was previously predicted when the tech went live for the first time. Investors and creators always believed in the revolution of Fintech, but now the rest of the world is bearing witness to its incredible potential. Banks were apprehensive about the introduction of a feat such as Fintech, but as time as gone on, banks are instead taking advantage of cardless payments, mobile deposits, digital payments, and other self-service concepts in banking. Realising that the future of not just the world but of banking lies in customer satisfaction, banks are now doing complete 180s and reaching out in attempts to collaborate with Fintech companies in a bid to ensure their validity going forward into this new revolution.

Being at the core of a transformative time is what drives innovations and revolutions to be so successful. Those that sit in the driver’s seat of such revolutions realise that the world needs more automation and more tech driven evolutions. The entire planet is moving towards a digitally-dependent future, and all industries – including the financial/banking sector – are having to re-evaluate what it is they want their futures to look like. Refusal or resistance to evolve to fall into line with the technologies and way of the future will surely result in the dissemination of some industries. While the financial industry will always be necessary, the formats that it is available to consumers is not. Traditional banks are beginning to fall behind, and so innovating and embracing digitisation is the only way that even the most established banks can keep their heads above the water. This is not the first time that a technological revolution has thrown a major industry into chaos, and it will not likely be the last. What remains true, however, is that Fintech is offering the financial industry (and aspects of it, like banking itself) the opportunity to evolve and grow with it, rather than being completely derailed and devalued. Set to be a global innovation, Fintech is changing the world.

The Fintech revolution is here and it is already making monumental changes to the financial sector. With the revolution only in its initial stages, its rapid progress is a sign of what is to come, and what is to come is an incredible feat of transition for the financial world. Fintech has changed the world already and it is only going to get bigger, better, and more effective as it develops and evolves further. The greatest feat in financial technological advancement, Fintech is bringing a completely new scale of efficiency, convenience, and ease of access. Banking and the financial industry are in the transitory stages of a digital takeover that is making life easier and more convenient for individuals the world over. It is a much needed, very much appreciate innovation and it is one that is only going to get better with time.

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