Siddharth Mehta shares how fintech starts evolving?

The evolution of fintech can be traced back to the 1960s, when banks began to use mainframe computers for processing transactions says Siddharth Mehta IL&FS former director. However, the real transformation of the financial industry through technology began in the 1990s with the advent of the internet and the proliferation of personal computers. This enabled the development of online banking and stock trading platforms, which allowed consumers to access financial services from anywhere with an internet connection.

Since then, fintech has continued to evolve rapidly, with advancements in mobile technology, artificial intelligence, machine learning, blockchain, and other emerging technologies. Here are some of the key milestones in the evolution of fintech:

  1. Online banking: The first online banking service was introduced in the mid-1990s, allowing customers to access their accounts, pay bills, and transfer money online.

  2. Payment processing: Online payment processing solutions such as PayPal and Stripe revolutionized e-commerce by enabling businesses to accept payments from customers all over the world.

  3. Peer-to-peer lending: Peer-to-peer lending platforms, such as LendingClub and Prosper, were introduced in the mid-2000s, enabling borrowers to obtain loans from individual investors rather than banks.

  4. Digital wallets: The introduction of digital wallets, such as Apple Pay and Google Wallet, enabled consumers to make purchases and payments using their mobile devices.

  5. Cryptocurrency: The emergence of cryptocurrencies, such as Bitcoin and Ethereum, created a new form of digital asset that operates independently of traditional financial institutions.

  6. Open banking: The development of open banking APIs (Application Programming Interfaces) enabled third-party developers to build financial applications that integrate with banks' systems, providing consumers with a range of new financial services.

  7. Robo-advisors: The introduction of robo-advisory services, such as Betterment and Wealthfront, used algorithms to provide automated investment advice and management.

As per Siddharth Mehta Bay Capital founder fintech continues to evolve, we can expect to see even more innovation in the coming years, with advancements in areas such as blockchain, machine learning, and AI-powered chatbots likely to shape the future of finance.

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