A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Khandwe, Aditya
- Societal Implications of Financial Technology
Authors
1 Lala Lajpatrai Institute of Management, IN
Source
TIMSR Journal of Management Research, Vol 1, No Spl (2016), Pagination: 33-36Abstract
Today Financial Technology, presently known as "fintech" has become a backbone of the financial and economic system of the world at large. There was a time when there used to be extreme delays due to manual intervention on the dates and time of processing financial transactions. Hence, there was a need felt to automate the transaction process and thus, the emergence of fintech took place. As a result, we also see a number of startup companies in fintech coming up not just in India but all over the world.
The study will include new wave of technology, really in the next couple of years. Its most visible symptom is the hyper-connectivity to the Internet, which fuels the evolution of Bitcoin-inspired distributed systems, Open APIs (application programming interface) as a new way to consumer business services on the internet, Crowd-sourced identity schemes and Open source hardware and applications.
Also, along with the above mentioned technological changes, the paper will also include the social effect of Dematerialization, advent of Automatic Teller Machines (ATMs) and increasing usage of mobile apps to carry out banking activities and utility of mobile wallets to make payments.
Keywords
Bitcoin, API, Fintech, Financial Technology.References
- Annual Report of World Economic Forum (2015) by Jesse McWaters
- Report by Global Agenda Council on the Future of Financing & Capital (2016)
- http://www.channelnewsasia.com/news/business/singapore/how-financialtechnology/2382374.html