Financial Technology -Fin tech Class 12 Project

Fintech revolution 

Author Pankaj Bhanwani

#9899971997

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Class 12 Project

Topic Money and Finance

Fin tech revolution stands for financial technology . It is the use of technology in financial service 

Fintech or financial technology is a term used for companies or services that work towards making all types of financial transactions simpler through the intervention of technology.

Fintech services mainly use the internet and technologies like cloud computing, data analytics, machine learning and artificial intelligence.

 For the consumer, fintech services are delivered through internet-enabled devices, including smartphones.

Online payments, which have moved from a multi-step and cost-intensive process to a simple one-step process, that too at negligible cost, are just one example of how fintech has simplified processes

Another example is in the insurance sector. With companies—InsurTech—comparing the prices and features of insurance policies, making an informed decision is now possible.

Lending too has seen significant changes, with fintech companies, in collaboration with banks or non-banking financial companies, making services like payday loans or instant loans for consumer durables possible.

Credit scores and measuring credit risk is another emerging area for fintech companies. Though still in nascent stages, this could significantly improve the availability of credit to a large number of people.

Insurtech is a subset of fintech which relates to the use of technology to simplify and improve the efficiency of the insurance industry.

A report by consulting giant Capgemini and non-profit insurance industry body Efma last month found that traditional insurance firms are facing increasing competitive pressure due to the emergence of a number of insurtech start-ups.

Financial inclusion refers to fintech solutions that provide more affordable finance alternatives to disadvantaged and low-income people who, like the unbanked/underbanked, may have little to no access to mainstream financial services.

This is one of the most important areas for fintech companies that operate in developing markets.

  Kenya Case Study 

Paying for a taxi ride using your mobile phone is easier in Nairobi than it is in New York, thanks to Kenya’s world-leading mobile-money system, M-PESA

 Launched in 2007 by Safaricom, the country’s largest mobile-network operator, it is now used by over 17m Kenyans, equivalent to more than two-thirds of the adult population; around 25% of the country’s gross national product flows through it. M-PESA lets people transfer cash using their phones, and is by far the most successful scheme of its type on earth. 

M-PESA was originally designed as a system to allow microfinance-loan repayments to be made by phone, reducing the costs associated with handling cash and thus making possible lower interest rates. But after pilot testing it was broadened to become a general money-transfer scheme.


A video to explain financial technoly