The application of technology in everyday life has now reached almost all aspects of life. The financial sector is no exception. It is called fintech. Are you curious about the definition, types, and examples? Come on, let’s just look at the following article.

Previously have you ever heard

of the term fintech? This stands for financial technology. So, to find out the full meaning, let’s look at the explanations of the following experts.

According to Arner, et al. (2015), fintech President Email Lists means the application of technology in the financial sector.
Schueffel (2016) reveals that fintech is a new form of industry that applies technology to produce progress in the application of the financial sector.
Leong and Sung (2018) argue that fintech is a combination of several sciences, such as finance and management and technological innovation.
In several senses according to the expert, we can conclude that financial technology is a form of technology application that can create the latest innovations in the financial sector.

HistoryHow can financial

 

technology finally develop? The following is the history of the development of financial technology summarized from the book Research Anthropology on Concepts, Applications, and Challenges of Fintech.

It began to develop since the 20th century, when the telegraph began to be used in the field of financial management. More precisely in 1918, at that time the telegraph via Morse code was used to transfer funds and connect 12 networks that were members of the Federal Reserve System. From there formed the Federal Funds Service.

Then, in 1950 Frank X. McNamara invented CRYP Email List the credit card which was applied to Diners Club as a pioneer. Subsequent developments were quite rapid in the 60s, when the stock market began to use an electronic system (1960) and Barclay Bank created an ATM or automated teller machine (1967).

The next significant change occurred in the 80s. Starting with the first online brokerage business, namely E-Trade which was founded in 1982.

Then in 1983, online banking was introduced by the Nottingham Building Society in England. However, four years later, there was a major tragedy in global finance due to Black Monday. This shows that the stock market is interconnected through technology.

Fintech implementation with Google Pay
Illustration of payment with Google Pay.

The development of financial technology continued in the 90s. The first online bank checking account was developed by Wells Fargo in 1995. Subsequently, many banks in the United States created websites to transact on the internet. Confinity, as the forerunner of PayPal, was also found in 1998.