The Technological Paradox of Fintech: Drivers, Barriers and Solutions

Fintech, where finance and technology blend together, is
increasingly transforming the face of finances. Integrating with
technology, fintech is quite revolutionizing how people and
businessmen interact with money in different ways. Right from
digital payments to blockchain technology, it seems the whole
scope of traditional financial service is changing through fintech.
Digital payments, from mobile wallets to contactless payments,
are becoming more popular as they enable people to easily and
securely make transactions. Insurtech is a form of fintech technology
which seeks to change the insurance industry, changing the process,
from underwriting to claims handling. Fintech challenged lending
and credit as it introduced peer-to-peer lending and marketplace
lending. Roboadvisors and AI investment platforms will significantly
alter the nature of wealth management through innovation-related
outlets by providing personalized financial advice and automated
investment services. Blockchain technology, in particular, by its
decentralized and transparent nature, will disrupt and change
most of the routes that finance touches, particularly in payments,
securities trading, and supply chain finance. Then, fintech has simply
revolutionized the financial industry. It has opened access to many
f
inancial services especially to the most underserved population in
society. Besides that, it has really improved the customer experience