Research on the Evolution of Fintech: Tech and Payment Processing

This research paper investigates the evolution of fintech, focusing on its development alongside technological advancements and new payment processes. It reviews literature, discusses the concept of fintech, compares traditional and modern financial services, and explores the relationship between fintech and payment solutions. Using secondary research and MS Excel for data analysis, the study examines the impact of technology on fintech evolution. The findings suggest a positive outcome and highlight opportunities for future research. The paper covers the concept of fintech, differences between traditional and fintech services, current payment procedures, and the global impact of fintech evolution. It includes an introduction, literature review, research methodology, data analysis, findings, and conclusion, adhering to IEEE conference-style formatting.

Evolution of Fintech
Name of the Student
Name of the University
Author Note
ABSTRACT
The research paper intends to make investigation on the evolution of fintech. The
basic purpose is to determine how the fintech is evolving in the financial world along
with the change in the technology and the new payment processes. In order to move
forward in the research paper the background study have been done and thereafter
several literatures are reviewed. There is discussion about the concept of fintech, the
traditional and the modern financial services and the relation of the fintech with the
payment solutions. The research paper minutely studies the details about how
technology is evolving and thereafter a relationship has been built between the
evolution of the fintech and technology as well as the payment systems. Secondary
research has been done and the data is analyzed using MS Excel statistical tools. The
findings have been discussed. The research concludes by stating that there is a
positive outcome of this analysis and there are several scopes to work further on it in
the coming future.
1 INTRODUCTION
There have been many changes in the recent period in
relation to the field of technology. Several new inventions and
innovations have taken place. These inventions and
innovations in the field of technology have helped in the
advancements of various services being provided by the
business organizations. These improvements have changed the
way the people are performing their daily activities related to
the communication, learning and development, travelling,
purchase and sales transactions, socializing and many
more(Linton and Solomon 2017). People are demanding for
quick and prompt services in this competitive and busy
market. Easy one-click solutions from anywhere are available
to the customers (Wall et al. 2016). The usage of the smart
phones, tablets and the laptops have made it easier for the
people around the world to make several transactions at any
time from anywhere. These easy solutions are attracting
consumers and thereafter all the financial institutions are being
motivated to adopt these technology advancements in order to
survive the competition and increase the profitability. The
research deals with one such important case of the impact of
the financial technologies on the payment technology.
1.1 BACKGROUND OF THE STUDY
The term Fintech is a shorter version of the term financial
technology. This is a new technology that competes with the
traditional technology and provides the society with several
advantages. It is the process of automation and innovation of
the financial services and thereafter providing those services
in a technologically efficient manner. Financial technologies
are evolving along with the technological innovations and
improvements. There has been a drastic evolution in the
financial procedures over the last 100 years. There have been
changes in relation to the payments solutions, banking
solutions, data storage, foreign trade transactions, and
investments as well (González-Páramo 2017). The financial
procedures have undergone such changes because of the
necessity to allow the global transactions. Fintech has helped
in the business development. Fintech was previously used in
the back office functions and was used in the leveraging of
personnel bank accounts, database management of the
consumers and execution of transaction (Scott, Van Reenen
and Zachariadis 2017). The current scenario implements
fintech for all financial issues. There has development in the
ATMs, online account checking system, online payment
systems and several investment systems as well. These
evolutions in the fintech sector are gaining customers very
quickly and smoothly.
1.2 RESEARCH AIM
The aim of the research is to understand how the fintech
company has evolved along with the innovation in the
technology and improvement in the payment process.
1.3 RESEARCH OBJECTIVE
The research objectives of the study are stated as below:
1. To understand the idea and concept of Fintech.
2. To critically understand the concept of traditional
financial services and the financial technology
services.
3. To understand and get an idea about the current
payment procedures and how fintech is associated
with the same.
4. To understand how fintech is evolving and how is it
affecting the consumers globally.
1.4 RESEARCH QUESTIONS
The research questions are stated as below:

1. What is the concept of fintech in the current market
scenario?
2. What are the differences between the traditional
financial management and the current financial
services being provided?
3. What is the current improvement in the payment
system? How is fintech associated with such
improvements?
4. How is fintech evolving along with technology and
what are the impacts on the consumers globally?
1.5 STRUCTURE OF THE STUDY
The research paper consists of six chapters and they are as
follows:
1. Introduction– This chapter gives a brief overview of
the technological improvements that are leading to
adopting of several financial technologies by the
financial institutions. The chapter also discusses
about the research background, aims and objectives
and the research questions.
2. Literature Review–This chapter consists of the
analysis of several concepts of the financial
technologies and analyses several scientific
literatures.
3. Research Methodology – In this chapter, the
researcher has done a descriptive research work in
order to assess how the fintech company has evolved
along with the evolution of technology and the
payment process.
4. Research Data – the primary data has been analyzed
in this section, the responses are recorded in MS
Excel, and the quantitative analysis has been done
thereafter.
5. Findings–The results of the analysis are explained in
the findings based on which recommendations are
provided.
6. Conclusion–The overall analysis is stated in brief
and the recommendations are given in this chapter.
2 LITERATURE REVIEW
2.1 CONCEPT OF FINTECH
The term “Fintech” has gained a huge importance in the
recent market because of the cheaper, faster and the user-
friendly services that is provided by it. The term has become a
hot topic for several financial institutions and private
companies. There has been more than 50 billion dollars of
investment made in this sector between the period of 2010 and
2015 by the private and the institutional investors (Scott, Van
Reenen and Zachariadis 2017). Fintech is an improvised
service that is actually a mixture of the financial solutions
along with technology. The sector of fintech is evolving
rapidly and there is a variety of definitions of this concept.
The general concept of the term is that fintech are those
companies that develop and thereafter provide financial
products and services by making use of information
technology. It increases the efficiency of the service sector by
using mobile centric IT technologies, software and other
modern technologies (Oshodin et al. 2017). The fintech
companies have responded very promptly to the changing
needs and preferences of the consumers. The fintech
companies are now involved in providing banking solutions,
investment solutions, payment solutions as well as trading
solutions. People consider a huge growth prospective of this
company in the upcoming future. The Global Financial Survey
conducted by PwC in the year 2017 shows that there has been
an increase in the percentage of the people believing in the
growth and evolution of the fintech companies in the coming
future (Demirguc-Kunt et al. 2018).
2.2 TRADITIONAL FINANCIAL MANAGEMENT VS.
FINTECH SERVICES
There has been a lot of changes in the financial
management procedures in today’s market because of the
innovation and evolution of the technology. The technological
advancement has changed how all the business organizations
perceives their risk and performs their tasks and how the
consumers are responding to such changes.
The traditional financial services involve a lot of
documentation process, lot of pen and paper work and a lot of
mental efforts to be provided (Coleman 2016). There is a
necessity to fill forms and other slips and then waiting in the
queue of the bank for depositing and withdrawing money from
the bank under the traditional financial system. The traditional
banks do not have enough digital footprints and hence the
services offered by the traditional banking sectors are very
slow and time consuming. Even the transfer under the
traditional system takes a lot of time as it uses the concept of
cheques, manager’s cheque, demand draft, money order agent
and money transfer agents. In order to transfer money in the
traditional system, all the necessary details of the account
holders as well as the beneficiary are to be recorded and
thereafter verifications of both the parties will be done. The
money is transferred only when the verification is done. The
task of the transfer of money thus takes a huge amount of time
and is very cumbersome in nature (Su 2016). In order to do
trade the merchants and the consumers requires being
physically present. The traditional process of financial
services involves a huge amount of cost as one single
operation involves a lot of people and hence the cost increases.
The traditional financial services are not available throughout
the day.
The fintech services are much advanced and offer a range of
advantages to the consumers. These services are available
throughout the day. The fintech services reduce the
operational cost of any business organization as it removes the
unnecessary intermediaries (Ng and Kwok 2017). It does not
require maintaining huge number of data in pen and paper
formats the fintech company uses the cloud services that help
the organizations using these services to store a large number
of data. The data can be accessed at any time form any place
and there is the least risk of the loss of the data under this
system. The fintech services have offered easy banking
solutions that allow the consumers to access their accounts
form any place and check their balances as well as make

transactions just by a click. The online payment system that
has been introduced helps in the transfer of the money from
one account to the other account on a real time basis and the
receiver does not need to wait for a long period of time in
order to receive the money. The transaction histories are
updated through SMS and emails and the consumers need not
go to the banks and the other financial institutions in order to
check the account balance all the time (Navaretti et al. 2018).
2.3 FINTECH AND PAYMENT SERVICES
Payment services usually involve transfer of funds, inward
and outward remittances, financial payments and payments for
online retail trading as well as investment trading. The
traditional payment services involved the visiting of the
financial institutions and filling up of several details and
thereafter making the payments (Ogbanufe and Kim 2018).
The transfer of the money then takes a lot of time to get
transferred to the beneficiary. The traditional process is also
very cumbersome and in certain cases, transparency is also
very low which creates a chance of credit default. The
companies have to incur huge amount of costs in order to
maintain the complicated processes as well as to maintain and
protect a large number of data. The companies therefore
always strive for a cost efficient process. Similarly, the
consumers also want smooth and flexible services at the least
time possible. The evolution of the technology therefore
attracted both the consumers and the financial institutions to
combine the financial services with the technological
innovations (Wang, Hahn and Sutrave 2016). The fact is that
the industries do not need mere production of new products
and services rather there is a requirement of new paradigm.
The combination of the technology with the finance has led
to the creation of the online payment system or the block chain
based payment system (Lai 2018). The new fintech start-ups
are providing with secured mobile wallets and payment
systems by developing secured software, which is the mixture
of integration, availability, confidentiality and authorization.
The unbanked people can also store a large amount of money
hassle free because of the availability of the smart phones and
high-speed internet. Many mobile applications are there that
does not require having a bank account as well. The fintech
company implements the concept of crypto currency and
block chain payment processor to improve the transactions in
the industry. People can now lend, borrow, pay and spend
money as per their wish without even contacting the bank.
Applications like Venmo and Apple provides with secured
payment methods. Several lending apps are also there for
example Chill Money, Dubco, Prosper and Lending Club that
provides credit facilities to the consumers at a minimum rate.
The online remittance system has also gained a huge
popularity because of the timeliness, safety, efficiency,
transparency and reliability. The online remittance
applications offer attractive exchange rates and interest rates
than the traditional remittance institutions. The money is
transferred to the abroad countries in a much faster way than
that of the traditional process. Regular updates of the
transactions are provided to the parties involved in the
transaction through mails messages. The transfer charges are
also minimal or zero. Although there has been several benefits
provided by the fintech services yet there be certain risk
factors related to safety and security of the transactions that
are questionable in nature (de Kerviler, Demoulin and Zidda
2017).
2.4 LITERATURE GAP
The literature review states that the innovation in the
technological field and the evolution of the fintech company
has diverted the minds of the consumers from using the
traditional financial services and hence they prefer the fintech
services. The changes in the tastes and preferences of the
consumers have led to the downfall of the traditional financial
industries and the modern financial technology services are
evolving. The payment services have also been developed
with the advent of the fintech companies. The literature gap in
this scenario is how fintech in the financial world is actually
evolving with the new payment and technology processes? Is
the evolution having a positive impact in the minds of the
consumers?
3 RESEARCH AND METHODOLOGY
3.1 RESEARCH METHOD OUTLINE
The outline is the framework of the research processes and
the steps that will be helpful in arriving at the required
outcome. The objectivity of the methodology is discussed in
this section. The processes and the techniques that will be used
in order to interpret the required calculation have been
mentioned in this section. The researcher has chosen the
positivism philosophy. A deductive approach has been
selected for conducting the research. The research follows a
descriptive research design. The research outline also provides
details about the data collection procedure and the sample
sizes based on which the conclusion is achieved.
3.2 RESEARCH ONION
The research onion helps in the understanding of the
research methodology as well as the research framework
(Saunders et al. 2015). The research work is done on the basis
of the research onion. The outcome of the research can be
obtained by the help of this and it also helps the researcher in
making the proper use of the research philosophy and the
limited time period.
3.3 RESEARCH PHILOSOPHY
The research philosophy helps the researcher in the
recognition of the research objective by efficiently using the
paradigm. There are four types of research philosophies and
they are Pragmatism, Realism, Interpretivism and Positivism.
The researcher in this case tries to find out the evolution of the
fintech with respect to the payment process and technological
innovations and hence the research philosophy followed in
this research work is the philosophy of positivism. The reason
behind choosing this philosophy is that the data collected and
reviewed are scientific in nature and are proven (Ray 2017).
The data cannot be altered while its collection because the
data are not dependent on the research subject. The researcher
has put emphasis on the factors that leads to the evolution of

the fintech services. The responses of the respondents are also
separated with the help of scientific tools.
3.4 RESEARCH APPROACH
The research approach plays a fundamental role in helping
the researchers to determine the detailed steps for undertaking
the activities that are expected to be a part of the research.
There are usually two kinds of research approaches and they
are inductive approach and deductive approach (Singh 2015).
The deductive approach has been selected in the research
work. The responses of several financial users will be taken
and their responses will be taken under consideration for
reaching the desired outcome. The paper therefore considers
certain literature and research that has been done previously in
order to get the best result. The deductive approach is used
because certain research questions are considered for
achieving the desired results. The inductive approach is not
used as it involves the application of unique and new models,
development of new theories by the researcher and this paper
does not involve any such applications.
3.5 DATA COLLECTION PROCESS
The data collection process helps in getting a fair view of
the types of the data that has been selected in the research
work. There are two types of data namely the primary data and
the secondary data. The primary data deals with the direct
collection of information from live respondents whereas
secondary data relates to taking information from the journals,
magazines and articles (Johnston 2017). The research paper
makes use of the secondary data. The secondary data is taken
in order to understand the various concepts, review the
literature and find out the gaps as well as financial data related
to payment and remittance have been taken from the online
sources.
3.6 SAMPLING AND SAMPLE SIZE
Sampling refers to the choosing of a particular group from
the total population that has been considered for the research
work (Pitard 2019). The process of sampling helps in the
reduction of the survey size and it also helps in getting the
precise information that is required by mixing all the relevant
information that is required. Simple random sampling is done
in the research work where the respondents are selected at
random from the entire population of Ireland.
3.7 DATA ANALYSIS PLAN
The collection of data is done with the help of the financial
data taken from Statista.com. The data is consolidated in the
MS Excel and thereafter the required calculation is being done
in order to analyze the data and interpret the data.
3.8 ETHICAL CONSIDERATION
The secondary data used are viable in nature. No improper
information is provided in the information. This research
paper is not used for any commercial purposes. The data used
in the analysis has been obtained from authentic sources.
4 RESEARCH DATA ANALYSIS
4.1 INVESTMENT OF FINTECH
Here the investment of Fintech is analyzed based on the
secondary data, which contains the value of worldwide
investment and the number of consumers of Fintech from the
year 2011 to 2016. Now, the data indicates the rise in
investment of Fintech over the year. The below graph presents
the worldwide investment of Fintech through a line.
2011 2012 2013 2014 2015 2016
0
5
10
15
20
25
Investment of Fintech from 2011-16
TimeLine
Value (billion dollars)
Figure 1: Worldwide Investment of Fintech
The figure 1 shows the line is upward rising and a change
in slope of the line is there. This means the investment is
rising over the year and the change in slope indicates that the
growth in investment is uneven. Statistics of investment can
express overall change in investment during these years.
Table 1: Mean and standard Deviation of Investment
The above table presents that the mean value of investment
is 10.18 and the standard deviation is 8.21. This means the
fluctuation in investment is precisely high. Which supports the
figure 1. By running a regression, the relation of rise in
investment with the year can be stated evidently.
H0: The coefficient of investment is equal to zero.
HA: The coefficient of investment is not equal to zero.
Table 2: Regression Statistics
Multiple R 0.9348
R Square 0.8738
Adjusted R Square 0.8423
Standard Error 3.2586
Observations 6
Table 2 presents the adjusted R2 =0.8423 that means the
model is 84.23% predictable.
Table 3: Regression Result
Coefficients Standard
Error
t Stat P-value
Intercept -4.1667 3.0336 -1.3735 0.2415
Year 4.1000 0.7789 5.2635 0.0062
Mean 10.18
Standard Deviation 8.21

The regression table presents the p-value of the coefficient
of the year, which indicates that the coefficient is statistically
significant at 5% level. This implies that there is sufficient
evidence to reject the null hypothesis and accept the
alternative hypothesis.
4.2 CONSUMERS OF FINTECH
The consumer of Fintech is analyzed based on the
secondary data. Now, the data indicates the rise in the number
of consumers of Fintech over the year. The below graph
presents the number of worldwide consumers of Fintech
through a line.
2011 2012 2013 2014 2015 2016
0
50
100
150
200
250
300
350
400
450
500
Mobile payment users (Total)
Figure 2: Worldwide Investment of Fintech
The figure 2 shows the line is upward rising and no
change in slope of the line is found. This means the number
consumer is rising over the year with a constant rate. Statistics
of numbers of consumers is presented below.
Table 4: Mean and standard Deviation of Consumer
Mean 299.12
Standard Deviation 107.5
The above table presents that the mean value of number of
consumer is 299.12 million and the standard deviation is
107.2. By running a regression, the relation of rise in number
of consumer with the investment can be stated evidently.
H0: The coefficient of consumer is equal to zero.
HA: The coefficient of consumer is not equal to zero.
Table 5: Regression Statistics
Multiple R 0.9380
R Square 0.8798
Adjusted R Square 0.8498
Standard Error 3.1805
Observations 6
Table 5 presents the adjusted R2 =0.8498 that means the
model is 84.98% predictable.
Table 6: Regression Result
Coefficients Standard
Error
t Stat P-value
Intercept -11.2316 4.1652 -2.6965 0.0543
Consumers 0.0716 0.0132 5.4110 0.0057
The regression table presents the p-value of the coefficient
of the consumer, which indicates that the coefficient is
statistically significant at 5% level. This implies that there is
sufficient evidence to reject the null hypothesis and accept the
alternative hypothesis. That means there is an impact of
consumers on the investment.
5 RESEARCH FINDING DISCUSSION
The data analysis section has conducted two regressions and
before that, it checked the average investment and number of
consumers over the year. The average investment over the
year is 10.18 billion dollar and the average number of
consumer is 299.12 million over the year. The figure 1
concludes that the investment is growing and the figure 2
concludes that the number of consumers is rising over the
year. First regression is to check whether the investment is
rising or not with the year and if it is rising then how much.
The second regression is to determine the influence of the
consumers on the investment of Fintech. The first regression
result shows that the coefficient of investment is statistically
significant at 5% level. The positive value of the coefficient
indicate the positive influence of the year on the investment of
Fintech. More specifically, the investment will rise over the
year. The coefficient of the year is 4.1, which can be
interpreted as if one unit change in the variable year raises the
value of investment by 4.1. More precisely, the investment
will go up by 4.1 billion dollar in every next year. Similarly,
the second regression result shows that the coefficient of the
consumer is statistically significant and is an evident that the
investment of Fintech is very much dependent on the number
of consumers. The coefficient is positive which implies that
the effect is positive. More specifically, if there is a rise in
number of consumers the investment will go up. The model is
predictable at 84.98% from where it can be concluded that if
one million rise in number of consumer will raise the
investment by 0.07 billion dollar. The two graphs shows that
the number of consumers and the investment is rising over the
year. Hence, these results can be combined and can be reach to
a conclusion that the Fintech is growing in terms of rise in
consumer base over the year. In addition, it is raising the
investment as well over the year in order to capture more
consumers and to hold them. Combining both the results it is
possible to reach conclusion on the basis of the statistical
evidences and analysis that the investment of Fintech is rising
over the year depending on the rise of the number of the
consumer of Fintech.
6 CONCLUSION AND FUTURE WORK
6.1 CONCLUSION
The analysis and the findings in the previous chapters help
in reaching the conclusion. The conclusion of this paper has
been drawn on the basis of the various chapters that have been
discussed in the previous pages. The introduction part of the
paper states the background of the study. The background
clearly states about the improvements in the technology and
how the fintech companies are evolving with the
improvements. The introduction section has also discussed
about the research aims and the objectives. It is on the basis of
those research aims and objectives that the research has moved
forward. The literature review portion of the paper, deals with
the concepts and features that the several other researchers

have addressed in similar such papers. With respect to that, the
gap is identified and the methodology is prepared to answer
the gap and come to the solution of the questions that have
accomplished the aims and objective of the research paper.
The various concepts of fintech, traditional and modern
financial services, and the relationship of the fintech with
payment services have been discussed. The secondary
research is done, the data are analyzed, and it has been seen
that there has been a growth in the financial technologies
along with the growth of the technology and the payment
service system has evolved because of the same. A positive
relationship has been found between the research question and
the outcomes. It has been seen that there has been growth in
the technology field and there has been proportional growth in
the fintech as well. The growth in the payment system has also
been improving since the inception of the fintech. The
technological aspects have actually shifted the demands of the
consumer needs and preferences and fintech is evolving
rapidly in the current situation.
6.2 FUTURE WORKS
There is further scope of research in the future period with
respect to this topic as fintech is a budding concept that will
keep on evolving in the upcoming future. Technology is ever
changing as there are no limits to innovation and hence the
fintech concept will keep on changing. The future research on
this particular topic will help in the understanding about the
further exchanges that will take place and a different and new
result can be obtained.
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