The term fintech is all over the business media. One does not really know when exactly it came into such ubiquitous usage. Separating the real power of fintech and the hype around it is a million-dollar task.
As I understand, fintech simply means using technology to deliver or enable financial transactions better. And frankly, innovations in this space have been going on in the traditional banking and other financial sectors for many years, if not decades.
The rise of retail financial services industry meant that millions of accounts, loans, credit cards, transactions, and payments were happening through banks, non-banking finance companies (NBFCs), asset management companies (AMCs), and insurance companies.
