The Adoption of Fintech and its Impact: A Comprehensive Review

The emergence of technology in the current era in the financial services industry empower new innovative products and services which has greatly been utilized by most of the industry today. Changes in technological trends have a significant impact towards society especially in the transaction process. The changes in transaction patterns using Fintech are extremely change on how society deals with current payment. Additionally, finance technology is deemed as new technology as Fintech able to fully utilized their services just 3 years ago even though the technology has been existed for a long time. Therefore, the researcher believed that this theme is worth investigating due to growth in the Fintech market and it is believed that the information regarding Fintech is still limited especially towards the young adult. A review of literature related to the adoption of Fintech and its impact was conducted by analysing different research papers and articles. The result reveal that Fintech does in fact changes how people manage their financial well-being and transaction process. In addition, Fintech also change the trends and lifestyle of people especially young generation from being used to traditional banking to using a finance service provide in the banking industry.