Fintech emergence - an opportunity or threat to banking

Fintech introduced contemporary payment, lending, investment, and fund exchange methods through digital currency, crowd funding, peer-to-peer (P2P) lending, and blockchain. This paper investigates the transformation of banking services and the financial industry caused by Fintech. The study aims to describe how Fintech products revolutionise banking and lending services. It sheds insight on the evolution of Fintech throughout the previous 170 years and its rate of adoption level across the world. This paper scrutinises the level of magnitude with which Fintech innovations entail non-intermediated deals and contribute to increasing the productivity of mortgage lending, including peer-to-peer lending and crowd funding. Quantitative research is undertaken by collecting and analysing data from secondary sources on the adoption level of Fintech. The study's outcome reveals that the Fintech industry garnered the attention of all sectors of the economy. Banks are partnering with Fintech start-ups to enable cost and time effective financial services and reduce financial exclusion.