One may not think he or she is a part of the revolutionary experience in the financial world when they send a relative 100ghc as a gift through mobile money (momo) or through other forms of digital payments services . The advent of financial technology (FinTech) in the financial services industry has been turned on its head. Financial Technology (Fintech) can be described as the integration of technology into financial services in order to improve on customer experience.

EVOLUTION
The last decade of the millennium saw the rise of the internet and e-commerce business models. The term ‘financial technology’ emerged in 1993 as part of the creation of the Financial Services Technology Consortium, established by Citicorp. Today, Fintech has become a rapidly growing industry that satisfies clients through easy banking and payment innovations such as mobile wallets and digital-only banks financial services, enabling users to experience convenience globally.
Whether purchasing coffee at your local coffee shop or managing your finances, Fintech is all around us. FinTech offers financial services in an efficient, simplified, and secure manner. Some financial technologies include Artificial Intelligence (AI) and Machine Learning (ML), Big Data and Data Analytics, and Blockchain. Fintech is now seen in the newest technological developments, such as payment apps like PayPal (PYPL) to Venmo then to cryptocurrency. Combining the latest technological developments with financial services or applications, Fintech has changed the world by providing better financial services to businesses and individuals.
Instead of having to go to a traditional bank for a loan, it is now possible to be connected directly to a lender or an investor through crowdfunding platforms. Cryptocurrency exchanges like Coinbase and Gemini connect individuals to trading platforms such as bitcoin or litecoin. In terms of sercurity, blockchain services like BlockVerify help reduce fraud by effectively managing blockchain provenance data .

Fintech has created a broad path with a dozens of applications and has changed the way businesses are done and how consumers access their finances. From mobile payment apps to insurance and investment companies, Fintech has disrupted the traditional financial and business industries.

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