Fintech

Abstract

The Fintech industry has significantly grown over the period and has various applications in financial sector. The study&s;s primary aim is to conceptually study the evolutionary events that gave birth to the Fintech industry and its unique utilizations across the financial industry and present the prospects of Fintech in terms of opportunities and challenges to provide detailed knowledge on Fintech for readers. The study employs content analysis to comprehensively elaborate on Fintech&s;s evolution, applications, and prospects. The available academic and grey literature on Fintech has been meticulously analysed to obtain the study&s;s objective. The study found that continuous advancements in technologies such as artificial intelligence, machine learning, the Internet of Things, and blockchain technology paved the way for the evolution and growth of Fintech. Fintech has applications in payment, wealth management, lending, insurance, and decentralized finance. Furthermore, the study concludes that the Fintech industry has various opportunities to tap into in the future but also needs to deal with technical, legal, regulatory, financial, and user-centric risks and challenges. The present study serves as an inaugural conceptual study that comprehensively elaborates on the evolution, applications, and prospects of Fintech, providing detailed knowledge of Fintech for readers.