Looked at in a broad manner, FinTech is now the driving force in financial services, accounts and transactions of all types, including bank accounts, lending, investment accounts/trading, insurance, mortgages, credit cards, and wealth management.
Also, a fast growing, vital part of FinTech today comprises online payments and mobile payments, enabling consumers to easily pay for online purchases and to send each other money for business or personal purposes.
Another branch of FinTech is cryptocurrencies such as Bitcoin.
An estimate by CoinCapMarket was that global cryptocurrencies (sometimes called “crypto”) had soared to nearly $3 trillion in market value in November 2021.
However, this number plummeted to $0.9 trillion by mid-June 2022 during a market rout.
That was not the first time that cryptocurrencies had shown extreme instability.
Only a few decades ago, virtually all financial services relationships were managed in person—at banks' branch offices, insurance agents' desks and investment company offices.
During the 1970s and 1980s, a slowly expanding number of financial products could be reasonably well managed by telephone.
During this period, ATMs started to displace bank tellers in large numbers.
The internet era launched very rapid adoption of online banking, investments and insurance.
Discount stock brokerages gained so much market share that they forced traditional brokerages to provide more customer-friendly services and lower fees—so much so that today, many stock trades can be executed on a no-commission
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