The adoption rate of Financial Technology is more than ever

Financial technology or Fintech is a hot trend that combines financial services and technology to help people and businesses manage financing and payments. The movement is driven by users’ demands of convenience, inclusion, and sustainability which may outcompete the brick-and-mortar financial institutions.

Financial technology, also abbreviated as fintech, is the technology and innovation that seeks to improve and automate the traditional financial methods in delivery of financial services. Fintech is implemented to aid companies, business owners, or individuals better manage their financial processes and operations by using software, AI, or algorithms technologies. 

Due to its ability to improve financial activities and performances, fintech has become an emerging industry and has gained so much traction. Fintech has a wide variety of applications, such as mobile banking, insurance, cryptocurrency, and investment apps. The industry shows a lot of potential and will be expected to continue growing for years to come. Many fintech companies or unicorns are backed by venture capitals (VCs) because of the future opportunities in the industry. Traditional banks are supporters and adopters of the technology and actively investing, acquiring, or partnering with fintech companies so that they can stay relevant within the competition in this digital age.

Fintech adoption rate increased rapidly from 16% in 2015 to 64% in 2019 according to Global Fintech Adoption Index 2019. The increase can be attributed to fintech’s ability to be more dynamic than traditional financial institutions. The adoption rate becomes massively increased and more essential in 2020 due to the demand of digital payments and contactless technology amidst pandemic situations. The future adoption of fintech will continue to be driven by the convenience aspect, inclusion, and sustainability.


Blockchain is a collection of information that is structured in a way that holds sets of information data. The block of data is latched onto the previously filled block, creating a chain of data known as the “blockchain.” Each block may contain information such as a timestamp and transaction data. All new information that follows that freshly added block is compiled into a newly formed block that will then also be added next. This process makes blockchain resistant to modification of the data once recorded.

Blockchain has a couple of applications and especially a rapid trend in the financial services. It also has three main unique characteristics: decentralization, transparency, and security. This makes blockchain a building block for cryptocurrency such as bitcoin. For the most part, blockchain is used in monetary transactions, however, blockchain can also be a reliable way of storing data about other types of transactions as well. Many companies have already established blockchain applications including Pfizer, AIG, Walmart, Siemens, Unilever, and IBM. 


A cryptocurrency is a digital currency which is secured by cryptography. Using blockchain as the building block, cryptocurrency is a binary data designed to work as a medium of exchange where individual’s transactions are recorded and stored in a ledger computerized database. The process allows secure transaction records, control of the additional coins resources, and ownership verification. A distinguished feature of cryptocurrencies is that they are generally not generated by any central authorities, causing them to be immune to government interference and manipulation. 

Cryptocurrency has gained criticism due to a few reasons, but one is due to its fluctuation rate to other currencies. Another disadvantage is the potential illegal financial activities within the transaction. Nevertheless, it also has potential advantages such as against inflation, ease of transaction, and the security system.

Key trends in fintech experts

Mobile Banking
Decentralized Banking
Skills Gap
Tech-enabled Work Culture

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