• Adarsh Choubey

Fintech, or financial technology, has become the latest area to expand the tech industry. Trading systems, expanded credit analysis, online banking and lending—companies use technology to compete with traditional financial services companies or to expand the capabilities of that industry. Financial services as always practiced can become staid and leave consumers and businesses with fewer choices while driving up prices. That's particularly true for those who are not well off. Storing money, getting loans, sending cash to family members, investing over a phone app all provide flexibility, convenience, and immediacy never before available to many. One of the advantages, which is heard from various people pitching ideas and products, is that those in need will suddenly have the attention they deserve. Except, it doesn't quite work that way. Fintech companies typically have the same motivation as any financial services firm. They want to make money from others. Not to be overly disparaging, but it can be a pure rent-taking experience, in the economics definition of the term. Taking rents means extracting portions of transactions. A bit here, a bit more there can lead to tremendous amounts of revenue generated with high margins, meaning big profits. But does fintech generally deliver on its promise to those of low income?

Fintech, Insurtech, Cryptocurrency, Blockchain Technology, Robo advice

"FinTech for the Economy: Listing Opportunities and Challenges with a special focus on India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 8, page no.621-626, August-2018, Available :http://www.jetir.org/papers/JETIR1808992.pdf

"FinTech for the Economy: Listing Opportunities and Challenges with a special focus on India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 8, page no. pp621-626, August-2018, Available at : http://www.jetir.org/papers/JETIR1808992.pdf