INTRODUCTION TO FINTECH

FinTech:

Financial technology (better known as fintech) is used to describe new

technology that seeks to improve and automate the delivery and use of financial
services. At its core, fintech is utilized to help companies, business owners, and
consumers better manage their financial operations, processes, and lives. It is
composed of specialized software and algorithms that are used on computers
and smartphones. Fintech, the word, is a shortened combination of “financial
technology.”

Concept of FinTech:

Fintech is considered by many to be a relatively recent development, which is

not entirely accurate. While it has evolved very quickly over the last decade,
that’s mainly due to advancements in technology, more generally, which are
now being applied to the finance sector.

Financial institutions have sought to streamline service delivery and cut costs by
using technology for many decades, including the advent of the first automated
teller machine (ATM) as far back as the 1960s. Even credit cards, which predate
ATMs, were a revolutionary technological advancement in the payments space
relative to cash and cheques.

The technologies that underpin fintech business models vary considerably. They
include blockchain technology, artificial intelligence (AI), machine learning,
and other big data functions like robotic processing automation (RPA). Each use
case is unique, but the underlying theme is a collective effort to disaggregate the
financial services sector, which, historically, has enjoyed a highly protected
status due to high levels of regulation.
How are Fintechs Impacting Traditional Financial Services Firms?

Traditional financial services providers (mainly banks and credit unions) serve
three core functions:

1. They hold money – including deposits and a variety of investment

products.
2. They lend money – including both secured loans (like mortgages) and
unsecured loans (like student lines of credit).
3. They move money – everything from simple, everyday payments to
international money transfers using global networks like SWIFT (Society
for Worldwide Interbank Financial Telecommunications).

Cryptocurrencies, for example, have been a major development in the payments

space (moving money). And while there is much debate about whether or not
cryptocurrencies are actual currencies, there is no doubt that they can serve as a
medium of exchange.

The blockchain technology that underpins the various cryptos exists with the
principal purpose of decentralizing (the historically very centralized) finance
sector – bypassing traditional banks, financial institutions, and payment
channels – often called the legacy financial system. Defi is itself a recent term
and a by-product of the fintech revolution. It’s a combination of the words
“decentralized finance.”

Countless other fintechs in the payment space have slowly started chipping
away at the legacy financial system, including apps that have become everyday
household names like Stripe, Venmo, Alipay, and even Apple Pay.
The lending money component of traditional financial services firms is being
disrupted by fintech businesses as well. They include new products and services
like buy-now-pay-later (BNPL), peer-to-peer lending platforms (P2P), and a
variety of fast and highly automated underwriting programs (using AI and RPA-
driven algorithms) to drive speedy credit decisions and fundings for both
consumers and businesses – eliminating the friction of borrowing from a
traditional financial services firm.

And finally, the financial services industry’s traditional function of holding

money is not immune to the fintech revolution, either. These include altogether
virtual banks, which hold charters and clear all required regulatory hurdles
within their various jurisdictions.

The business of investing has been particularly transformed, with the

democratization of trading effectively hollowing out the brokerage industry as
we know it. They were formerly very high-margin, fee-based businesses, but
online discount brokerages have forced many firms to waive their fees
altogether in order to remain competitive.

An entire generation of young consumers engage almost exclusively with robo-

advisors (like Wealthsimple) and savings apps (like Acorn); they rarely set foot
in a physical bank branch.

The fintech revolution has created a variety of important and growing

subcategories. They include the aforementioned “defi,” “insuretech” (insurance
technologies), and “regtech” (regulation technology), among others.

FinTech Transformation:

Innovations in financial technology have revolutionized the financial

sector by streamlining wealth management, lending and borrowing, retail
banking, fundraising, money transfer/payments, investment management
and more. FinTechs are changing the market dynamics by focusing on
emergent technologies that can provide an unparalleled experience to
customers. This has resulted in the FinTech sector witnessing rapid
evolution, transformation and growth.

This exponential growth, however, comes with its own set of challenges
such as the ability to scale back-end operations to keep pace with
business growth, increased regulatory scrutiny, exposure to financial
fraud and cyber threats, and perceived lack of human touch in services.

WNS, a leading BPM company, is uniquely positioned to address key

imperatives such as cost optimization and process streamlining, and also
partner with fintech companies for their next level of growth. We unlock
the competitive edge with our technology expertise, risk and compliance
experience, Artificial Intelligence (AI) and digital transformation
solutions:

 We enhance customer experience by offering value-added services,

optimize cost and ensure operational scalability while retaining the
'human touch'
 Ensure robust risk management to enable early detection and
prevention of financial fraud and cyber-crime while ensuring
regulatory compliance
 Deliver competitive advantage through AI-led transformation
across processes
 Leverage data analytics to enhance existing service offerings and
create new business models
History of Fintech:

Technology has always played a key role in the financial sector, so from which
point onwards can we talk about fintech? According to AILabPage, the key
periods in the timeline of fintech are:

Following this table of eras, we can identify the key events of each period.

Fintech 1.0 (1886-1967) is about infrastructure

This is an era when we can first start speaking about financial globalization. It
started with technologies such as the telegraph as well as railroads and
steamships that allowed for the first time rapid transmission of financial
information across borders. The key events on this timeline include
first transatlantic cable (1866) and Fedwire in the USA (1918), the first
electronic fund transfer system, which relied on now-archaic technologies such
as the telegraph and Morse code. The 1950s brought us credit cards to ease the
burden of carrying cash. First, Diner’s Club introduced theirs in 1950, American
Express Company followed with their own credit card in 1958.

Fintech 2.0 (1967-2008) is about banks

This period marks the shift from analog to digital and is led by traditional
financial institutions. It was the launch of the first handheld calculator and
the first ATM installed by Barclays bank that marked the beginning of the
modern period of fintech in 1967.

There were various significant trends that took shape in the early 1970s, such as
the establishment of NASDAQ , the world’s 1st digital stock exchange, which
marked the beginning of how the financial markets operate today. In
1973, SWIFT (Society For Worldwide Interbank Financial
Telecommunications) was established and is to this day the first and the most
commonly used communication protocol between financial institutions
facilitating the large volume of cross border payments.

The 1980s saw the rise of bank mainframe computers and the world is
introduced to online banking, which flourished in 1990s with the Internet
and e-commerce business models. Online banking brought about a major shift
in how people perceived money & their relationship with financial institutions.

By the beginning of the 21st century, banks’ internal processes, interactions

with outsiders and retail customers had become fully digitized. This era ends
with the Global Financial Crisis in 2008.
Fintech 3.0 (2008-2014) is about start-ups

As the origins of the Global Financial Crisis that soon morphed into a general
economic crisis become more widely understood, the general public developed
a distrust of the traditional banking system. This and the fact that many
financial professionals were out of work, led to a shift in mindset and paved a
way to a new industry, Fintech 3.0. So, this era is marked by the emergence of
new players, particularly fintech startups, alongside the already existing ones
(such as banks).

The release of Bitcoin v0.1 in 2009 is another event that has had a major
impact on the financial world and was soon followed by the boom of different
cryptocurrencies (which, in turn, was followed by the great crypto crash in
2018).

Another important factor that shaped the face of fintech is the mass-market
penetration of smartphones that has enabled internet access for millions of
people across the globe. Smartphone has also become the primary means by
which people access the internet and use different financial services. 2011 saw
the introduction of Google Wallet, followed by Apple pay in 2014.

Fintech 3.5 (2014-2017) is about globalisation

Fintech 3.5 signals a move away from the western dominated financial world
and contemplates the expansion in digital banking around the globe, with
improvements in fintech technology.

It puts the focus on consumer behaviour and how they access the internet in
the developing world. For example, in China and India, markets that never had
time to develop Western levels of physical banking infrastructure and so were
open to new solutions more quickly.
This era is marked by an increasing number of new entrants and their last
mover advantages.

Fintech 4.0 (2018-today) is about disruptive technologies

Blockchain technologies and open banking are continuing to drive the

innovation of the future of financial services. The game changers here
are neobanks that challenge the pricing and complexity of traditional banks,
while earning customers’ trust through simplified, digital-only experiences and
low-to-no fees.

Machine Learning, on its part, is transforming the way people interact with
banks and insurance companies, receiving bespoke offers and support.
Germany’s N26, for example, relaunched its premium account in 2019 to cater
to the specific needs and tastes of its subscribers, such as discounts in
coworking spaces and in online travel booking sites.

ML also has security applications: British Revolut, for example, unveiled a new
AI solution in 2018 to combat card fraud and money laundering, developing
deep insights and predictions around customer behaviour to dynamically
identify new card fraud patterns without human intervention.

Another major event in this period is the new wave of integrated payment
providers, with platforms that can offer payments as an additional strand to an
already comprehensive business management system.

And lately, mainstream use cases for NFTs, like creators strengthening their
earning power with digital representations of their contents, or artists ensuring
royalty distributions, or NFTs as tickets or membership cards.
Fintech Today

As technology is becoming ever more central in the finance industry, we tend to

consider banks and fintech startups as opposing forces fighting for their share of
the market. The reality is that both sides need each other just as much as they
need to compete with each other.

On the one hand, fintech startups have taken funding from banks and often rely
on banking, insurance, and back office partners to deliver their core products.
Banks, on the other hand, have acquired fintech startups or invested in them to
leverage new technology and ways of thinking to upgrade their existing
operations and offerings.

Hopefully, this retrospective look into the evolution of fintech will help to sum
up the long way we’ve come until today and put into perspective the busy times
ahead of us.

One thing is certain: Fintech is growing, and fast. And innovation in fintech is
reaching more and more areas of the digital economy.

The increasing number of unicorns (privately held startup businesses with a

value of over $1 billion) is an indicator of this.The same applies
to dragons, firms that raise $1 billion from investors in a single round (and that
are therefore more aggressive companies).

Another indicator of Fintech growth and potential is the enormous amount

of global fintech VC investments. In fact, 2021 smashed all records in this
domain!
Types of Fintech:
The obvious response to “What are the different types of fintech?” draws
attention to the working of fintech. It is important to note that fintech is a broad
term encompassing various concepts, technologies, products, and services. At
the same time, the consistent evolution of new technologies in fintech opens up
the doors for new types of fintech.
You can develop a clear impression of the different fintech variants by
identifying how different technologies are used for transforming financial
services.
Here is an outline of the popular fintech variants with practical examples for a
comprehensive understanding of financial technologies.
  Blockchain and Cryptocurrencies
The first entry among the popular types of financial technology would refer
to blockchain technology and cryptocurrencies. Blockchain could enable peer-
to-peer transactions alongside the power of smart contracts and consensus
algorithms for setting new precedents for the growth of financial services. The
advantages of decentralized and immutable ledgers of financial transactions on
blockchain with cryptocurrencies or crypto tokens can introduce many
significant improvements in financial services.
Most important of all, applications of blockchain in the fintech sector could
drive plausible chances for financial innovation. For example, decentralized
storage of transaction history prevents the risks of counterfeit data and double
spending problems. With more than 80 million crypto wallet owners all over the
world, the impact of blockchain on the democratization of financial services is
clearly evident. One of the notable examples of blockchain-based fintech
projects refers to we.trade, an enterprise-grade trade finance platform by
IBM.
Cryptocurrencies, based on blockchain technology, are also another notable
example of fintech types with a formidable impact on financial services.
Blockchain could help in enabling better privacy, security, and transparency in
tracking financial transactions throughout their entire lifespan. Cryptocurrencies
could utilize the traits of blockchain to ensure better monitoring and control
over their assets. Examples of the popularity of Bitcoin, Ethereum, stablecoins,
and many other crypto assets have proved how cryptocurrencies are integral to
the future of fintech.
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 Regulatory Technology
Another notable response to “What are the different types of fintech?” would
focus on regulatory technology. According to the Financial Conduct Authority,
regulatory technology is a subclass of fintech focused on technology that could
enable efficient delivery of regulatory obligations. Regulatory technology or
RegTech could utilize cutting-edge technology to improve compliance
alongside facilitating the introduction of simple, cost-effective, secure, and
easy-to-understand regulations.
New regulatory frameworks are an obvious necessity in a consistently
reforming financial landscape trying to catch up with the latest innovations and
advancements. As one of the notable fintech categories, RegTech aims at
standardization and promotion of transparency in regulatory processes.
Furthermore, regulatory technology in fintech also focuses on the automation of
the complete compliance system. RegTech could offer the foundation for
various regulatory solutions such as risk management, compliance management,
regulatory reporting, and transaction monitoring. Some examples of RegTech
platforms include Continuity, Regis-TR and Provenir.
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 Insurance Technology
The next prominent addition among finance technology fintech types would
refer to insurance technology or InsurTech. The growth of digital financial
service ecosystems has enabled flexibility for developing insurance solutions
with high value to improve user experience. Insurers are trying to use fintech
variants for the integration of smartphone apps, AI, IoT, machine learning, and
many other technologies to improve the value of insurance services.
Fintech could enable formidable improvements in insurance services, such as an
easier collection of insurance details on smartphones. Similarly, user-friendly
apps could play a crucial role in ensuring easier management of coverage. Many
providers have been working on telematics to improve core insurance products
and streamline coverage. At the same time, InsurTech also changes the
perspective of users on insurance products with many value advantages.

 Mobile Payments
One of the common answers to “What are the different types of fintech?” would
also point to mobile payment systems. Some of you must have used popular
applications such as PayPal, Apple Pay, Google Pay, Venmo, or Google Play
for sending or receiving payments.
The impact of a global pandemic turned the whole world’s attention toward
possibilities for cashless transactions. The continuously declining relevance of
cash in the post-pandemic era has also called for organizations in every industry
to think about payments. Are mobile payment apps trustworthy?
Depending on the individual functionalities, mobile payments have different
value propositions. Popular mobile payment solutions such as Google Pay and
Venmo have gained a substantial number of users. For example, Venmo has
more than 65 million daily users, indicating the trust of users in the app.
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 Peer-to-Peer Lending and Borrowing
The introduction of financial technology has also presented viable prospects for
the transformation of lending and borrowing systems. Fintech has been a crucial
player in simplification of the approaches people follow for borrowing money.
The types of financial technology used for transforming financial services like
lending have introduced P2P lending protocols.
Any individual could access these platforms and borrow loans anytime.
Interestingly, users of such fintech solutions would also find flexible
opportunities for evaluation of a borrower’s credit readiness. At the same time,
the implementation of fintech also removes the need for attending any office or
bank to obtain loans.
P2P lending protocols rely on the power of DeFi to enable seamless access to
financial services and improve user experience. For
example, Compound and Aave are popular lending protocols based on DeFi.
Another popular example of lending applications in fintech types would refer to
Credit Karma.
It is a renowned personal finance provider with more than 110 million users in
the USA. The app has developed a reputation for offering free and trustworthy
credit score reports. Users can also avail of productive tools for identity and
credit monitoring, loan shopping, and feasible credit card recommendations.
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 Personal Finance Management
Personal finance management is also another proven response to “What are the
different types of fintech?” with popular examples. It is a unique and
personalized category of fintech focused on enhancing wealth management and
retail investment practices. Personal finance technology, or WealthTech, is a
popular and value-based variant of fintech, which can improve and facilitate
operations with better efficiency and automation.
The primary goal of WealthTech focuses on streamlining the investment
process, which can help investors in easier management of investment
portfolios. One of the notable examples of personal finance management
solutions among fintech variants is Monie, a personal finance application for the
Egyptian market.
 Crowdfunding
The crowdfunding market has the potential for steady growth in the forecast
period from 2021 to 2026, with a CAGR of more than 16%. Crowdfunding
platforms have removed the need to visit a bank or pitch ideas before venture
capitalists to obtain loans or funding for projects.
The outline of different fintech categories would also emphasize the new
methods for raising capital by employing innovative improvements.
Crowdfunding fintech services could offer the ideal opportunity for micro and
small enterprises to discover investors for their projects.
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 Robot-based Advice and Stock Trading
The most formidable example of financial technology fintech types would refer
to robot-based advisors. You must have learned about the importance of AI and
machine learning in the burgeoning fintech industry. Robot-based advisors are
applications powered by AI and ML for offering recommendations regarding
financial decisions. As a result, financial service users could figure out an
alternative to hiring an expert for financial advice. Most important of all, your
robot advisor would never take breaks and would provide round-the-clock data
analysis capabilities.
Similarly, the outline of different types of financial technology also includes
references to stock trading apps. Stock trading apps are useful tools for
investors to conduct desired transactions directly from their smartphones. The
power of AI and ML could help in capitalizing on meaningful insights from
humongous piles of data. At the same time, the use of blockchain could also
streamline the security of the personal and financial data of investors.

Opportunities For Fintech Companies:

Financial innovation is definitely an opportunity for sectors like commercial
banks to rethink service distribution channels and find ways how to leverage its
benefits. Many sectors using innovative solutions offered by Fintech already
know its worth and are benefitting from this. So, if you are a company already
using fintech services, then make use of the right circumstances and make a
profitable business. Many business landscapes are seeing a rapid rise in
the financial technology trends and market.
Many existing practices empower the financial services industry to build more
innovative and advanced business solutions. This can be done using extensive
analysis, report development, business data analytics, and several other ways to
tap into the potential opportunities coming their way. Let us discuss some of the
popular ways.

Digital Payment Services

One of the common revolutions that have taken place in every sector including
finance is digitalization. Massive technological and fundamental
transformations are happening right now, and they’re swiftly becoming the new
normal. The rise of digital-only banks has improved efficiency and
convenience. Nobody wants to go to the bank in person, wait in huge lines, and
fill out a lot of paperwork. You may open an account or transfer money at any
time and from any location with digital-only banks. This is the benefit of
digitalization. A rapid overview of account balance, account transaction history,
bill payments, and real-time analytics are just a few of the fantastic benefits of
digital-only banks.

Big Data and Analytics

In the financial business, digitization has invaded and revolutionized many
financial institutions that compete in the market. Over the last decade, data and
analytics is advancing increasingly, and as a result, they have become
increasingly vital to businesses.

To create more tailored and targeted user experiences, big data and analytics are
being employed extensively. Companies use data and analytics to be
competitive because they help them to improve operations, maximize income,
foresee client wants and provide customized product offers, and forecast
demand. Businesses must take this as a word that if there is big data, there is
analytics. They have an unbreakable bond. Companies must adapt to these
developments in a planned and thorough manner as the finance sector quickly
advances toward data-driven optimization. It will be quite insightful to derive
business results from the collected customer data.

Blockchain Technology
Blockchain is becoming a fundamental aspect of financial institutions’
operational infrastructure, including digital payments, stock trading, smart
contracts, and identity management, due to its rapid expansion and acceptance.
Blockchain’s global reach, speed, and security are encouraging financial
institutions to use it more quickly.

In contracts and the supply chain, Fintech companies must establish confidence
and demonstrate openness. They may obtain visibility throughout the supply
chain by using blockchain. It also handles quality assurance and performance
benchmarking. Financial services must immediately integrate blockchain into
their systems and seek out chances to expand FinTech.

Personalization
Banking and personalization are two sides of a coin. Personalization in banking
always works in favor of businesses. In the financial services business,
personalization refers to providing a valuable service or product to a consumer
based on personal experiences and past data. The epidemic has forced financial
institutions to focus on the essentials rather than the nice-to-haves. A tailored
relationship also fosters trust.

The implementation of digital transformation is mostly motivated by enhancing

customer happiness and increasing sales. Financial Institutions are nowadays
not only competing against one another but also against technology behemoths.
To stay up with the changing environment, the financial services industry must
rethink its campaign measurement strategy in order to have a better
understanding of its consumers on a personal level.

Robotic Process Automation

Can you imagine any banking process that is rapid and effective at the same
time? Well, you have got this one, then. RPA has proven records of being one
of the most efficient ways of managing financial transactions. RPA doesn’t
really mean that the process must be automatic, it can also mean bots.RPA’s
rise can undoubtedly be linked to the fact that they provide a high-quality user
experience and cognitive wealth-management advice at reasonable costs.

The need for Robo-advisors is increasing. People want to take advantage of the
current situation and are eagerly anticipating sophisticated investment options
and in-depth market analysis. To take advantage of this unusual opportunity, the
businesses must prepare themselves to provide new features with Robo advisory
services. In the banking sector, they provide services such as account opening
methods, customer support services, or any other financial-related operations.
Challenges Faced By Fintech Companies
The companies who haven’t adopted fintech services for their business for some
basic reasons. Either they are not sure of what to do with fintech- that is
subsequent knowledge, or they don’t have start-up services providers who can
do that for them. But businesses who are already working with Fintech
understand that they get what they wish for in Fintech. But there are a few pain
points highlighted that restrict other businesses to adopt fintech technologies.
Some of them are mentioned below.

Data Privacy and Application Security Challenges

As per the nature of the business, fintech firms store enormous amounts of very
sensitive user data, such as credit card numbers, income and investment
information, social security numbers, and so on. Because of the increased use of
phone and online banking services, this information is always at risk of transit.
As a result, this information is extremely sensitive. Thus, there is always this
question of risk in tandem with fintechs’ application security and data privacy.
Information protection is becoming increasingly crucial.

Because you can access vital IT infrastructure remotely owing to technological

advancements. Sophisticated data hampering against financial data sources
appear to be easier. Other concerns include the lack of physical checkpoints on
essential infrastructure and endpoint devices that carry company data.

Regulatory and Compliance Laws

It is not easy to start a fintech organization. Due to fraud alerts and data thefts it
has become a lot difficult to get approval for commencing a fintech enterprise.
These restrictions are not only tough to comply with, but they also make it
difficult for Fintech companies to join the Indian market. To avoid fraud, make
compliance regulations act as a stringent regulatory framework. They, too, serve
as significant roadblocks for new Fintech startups. Fintech start-ups must
complete a long number of requirements before they may begin operations.

Focusing on the Customer Experience

Finance has a reputation for being difficult. Although the procedures involved
in fintech organizations have swiftly changed. There is still a lot of ground to be
covered in terms of creating a superb user experience that goes beyond a simple
UI. Conversational UI is an innovation of business that focuses on the special
user interface that simulates speaking with a real person. Bots may offer
information to the user in the format they require.

Fintechs have paved the way in terms of simplicity and accessibility. And it’s
now simple to create an account with any of the banks. By displaying charges
and fees up front, there is more transparency. Trading platforms like Robinhood
have made financial language easier to understand.

Changing Revenue and Business Models

Fintechs should reconsider their income and expense strategies, as well as adapt
or extend their resources. To cope with the economic downturn, many
businesses are using cost-cutting tactics such as employee reductions and wage
cutbacks. If the business takes up, there are so many necessary changes that
need to be applied within businesses. This includes changes in revenue streams
and other business dependencies. This will also alter your business models. To
cope with the higher transaction volumes, contactless payment fintech are
repurposing their resources.

Personalized Services
As we know, it is difficult for businesses to cope and offer personalized
services. Though it has been the key and fundamental aspect of banking,
businesses find it challenging to offer. Personalization, in today’s context,
implies communicating with a user in real-time, on their chosen channel. You
must provide a tailored solution to their specific demands is what customers
mean by personalized services. They are not ready to settle on any other
grounds.

Customers are also willing to embrace Fintech as a financial wellness

consultant. Some users are overwhelmed by a vast range of options. But good
customization ensures that they only see the options that are relevant to them.

Introduction to Fintech Regulations:

Fintech regulations are a set of rules and guidelines that govern the operations
of fintech companies, which leverage technology to provide financial services
and products. Fintech is a rapidly growing sector, with companies disrupting
traditional financial institutions and challenging established business models.
However, fintech also poses unique risks and challenges, such as data security,
consumer protection, and financial stability. To address these issues, regulators
around the world have been developing new regulatory frameworks to promote
innovation while ensuring that consumer protection and financial stability are
maintained.

The regulatory landscape for fintech is complex and constantly evolving.

Countries have adopted different approaches to regulating fintech, with some
taking a more hands-on approach while others adopting a more laissez-faire
attitude. Some countries have created specific regulatory sandboxes to
allow fintech companies to test new products and services without facing the
full burden of regulation. Other countries have implemented new laws and
regulations to govern specific areas of fintech, such as online lending, payment
systems, and digital currencies.

Despite the differences in regulatory approaches, there are some common

themes that emerge in fintech regulation. For example, regulators are
increasingly focusing on data security and privacy as fintech companies collect
and process large amounts of sensitive financial and personal data. Additionally,
there is a growing focus on consumer protection as fintech companies continue
to expand their product offerings and services to more vulnerable segments of
the population.