Technology has fundamentally altered the fabric of many industries including retail business, automobiles, media as well as finance and banking. The Financial Technology has increasingly come to shape and influence almost every aspect of the contemporary financial landscape. Financial technology, or fintech for short, continues to evolve and drive financial growth on a worldwide span. Fintech – through the unification and application of finance, innovation and technology - powers the engines of banking and financial services today. The global fintech industry, which currently stands at an impressive value of US$160 billion - is expected to experience still further growth, expanding three times as fast as the traditional banking sector and reaching a staggering US$265 billion by 2025 (Lan, 2018).

In the coming years, fintech is set to upend trends in all areas of finance and banking, including capital investments, cash investments, cash investment funds as well as retirement saving plans. While the reign of cash comes near to its eventual end with the rise of cashless technology, pure cash investments are no longer considered attractive and smart investments. Consumers and investors, especially in the UK, Germany and other European nations, have rapidly chosen to replace their wallets with digital modes of payments (Golomb, 2018). Fintech, with its emerging potential, explosive growth and digital disruption in the traditional financial and banking sectors, will continue to penetrate and make inroads in the financial industry.

The services that conventional banks typically offer include cash deposits, bank deposits, checking and payments, loans as well as investment and financial management. Not only has fintech found new ways to develop and improve many of these traditional banking services, but is also swiftly disrupting and reshaping banking and finance in major industries including insurance, real estate and investment banking. Fintech has emerged as a breakthrough technology which is poised to completely change the face of traditional banking and financial management, replacing them with innovations like online banking, e-payments, e-commerce business models, the rise of cryptocurrencies and smart investment options like Iban Wallet.

Fintech, with its global penetration into developed as well as developing markets and economies, is playing a major role in offering significantly more affordable and convenient investments to consumers. Fintech development has enabled banks, financial institutions and fintech startups to provide innovative and affordable investment products including more secure and profitable mutual funds, investment returns, cash investment returns and cash investment management (World Economic Forum, 2019). Fintech has empowered more people to simplify how they manage their finances and given them more options to invest their hard-earned money. In fact, fintech has proactively sought to offer financial services and investment products based on our needs as consumers. Many groundbreaking products have to the forefront which are rapidly transforming the financial landscape. For instance, Iban is an interesting and novel investment plan in today’s fintech ecosystem, that offers users the opportunity to earn steady income on a daily basis with their Iban account, which also offers ready access to other attractive investment products aiming to deliver fixed returns.

Investments have begun to gain momentum and participation around the fintech business model all across the world. We have seen the global adoption and worldwide penetration of fintech in digital payments, mutual funds, cross border payments and credit cash development and expansion. The fintech firms and startups have entered nearly every financial services segment and are leading the transformation of the overall financial sector. The fintech ecosystem is well past its nascence and is driving innovation and disruption in the financial space in almost every part of the world. Some financial experts have gone as far as to say that we are living in the fintech era and the world is at the cusp of Fintech’s technological revolution (The NYU Dispatch, 2018).

Fintech is having a profound impact on the way we live, work and relate with each other. Fintech has not confined itself to banking and financial sector alone. The global investment in fintech has jumped from a humble US$930 million a decade ago to more than US$12 billion by 2015 (Accenture Report). The penetration of fintech in all aspects of our lives is evident from its unprecedented diffusion in financial markets, financial services ecosystems, banks, insurance and even financial websites, Forbes being one of the most prominent examples (The NYU Dispatch, 2018).