FinTech: The Digital Era of the Financial Industry

Shan Jin and Christopher Gan

Chapter 1 in Digital Banking and Finance:A Handbook, 2025, pp 1-32 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The financial industry has undergone a digital transition over the past decades, with the emergence of FinTech, a portmanteau of “financial” and “technology.” This rapidly growing concept has transformed how individuals, businesses and institutions access financial services. It has reshaped the financial landscape through internet connectivity, spearheaded by internet giants. FinTech has disrupted traditional financial industries with a wide array of business applications, ranging from mobile payments to online insurance, digital financing and wealth management. Technologies in finance continue to evolve, with the application of blockchain, artificial intelligence (AI) and the Internet of Things (IoT) continuing to transform the landscape of the financial industry. Against this backdrop, this chapter provides a comprehensive overview of FinTech, offering valuable insights for future research. It begins with a summary of the definitions of FinTech, providing historical context and exploring the key drivers behind its evolutionary journey. The chapter also delves into the major segments of FinTech based on its core business functions while shedding light on the dynamic challenges and inherent risks associated with its rapid growth. This chapter not only serves as a reference for understanding the FinTech phenomenon but also contributes to discussions on its potential economic implications and offers insights into potential research directions in the evolving financial industry.

Keywords: FinTech; Digital Era; Financial Industry; Digital Technology; Digital Financial Industry; Digital Finance; Financial Inclusion; Bank Stability; Emerging Economies; Bibliometric Analysis; Digital Finance Revolution; Global Impacts; Digital Innovation; Insurance; Big Data Applications; Digital Assets in Disarray; Forecasting Bitcoin; Machine Learning Approach; Economic Policy Uncertainty; Cryptocurrency; Bank Shares; Digital Age; Corporate Governance; Risks; Rewards; Assets Tokenization; Future of Money; Central Bank Digital Currencies; Bank Innovation; Risk-Taking Perspective (search for similar items in EconPapers)
JEL-codes: G1 G2 G24 M41 O3 O32 O33 (search for similar items in EconPapers)
Date: 2025
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