Evolution of Financial Technology (FinTech) For Improvisation of Business
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Abstract
The use of technology to provide financial services is referred to as "financial technology," or FinTech. Fin-Tech, as a sector, describes new technology companies that are entering the market to challenge established banks and participants in the financial industry. Financial technologies offer more flexible financial services than the old model, and their value proposition is founded on innovation and the capacity to concentrate on the client. Financial technology and banking have moved from their initial rivalry to cooperation. As a result, the old systems are being replaced by the technologies that enable the automation of financial service, accelerating the process of necessary transformation. Businesses are finding it difficult to adopt the best strategy to deal with the emergence of new technologies and the growth of the management accountant position. The conclusions drawn from the research serve to augment our understanding of financial technology, establish the connection between science and technology, and guide our decision-making.