The IT industry's innovations have been the driving factor behind corporate expansion. Technology has aided businesses in remaining competitive in a quickly changing environment rather than becoming outdated. Fintech companies have exploded in popularity, garnering a steady stream of new entries every day. Fintech now provides simpler services that provide access to a wide range of value-added services and faster solutions.
Fintech also changes the structure of employment in the financial industry. According to Aegean Equity analysis, fintech might have two major effects on the financial industry:
- Job loss: Many fear that fintech will result in significant job losses in the finance sector. These companies are providing innovative services that are altering how individuals engage with financial institutions. Crowdfunding, mobile banking, apps, and internet banking technologies eliminate the need for customers to physically visit bank locations and interact with financial advisors.
- Finance industry structure: Fintech is challenging big financial institutions to rethink their organizational structures, operations, and product and service delivery to the general public. Companies will be driven to run more effectively, and employees and financial professionals will be required to widen their skill sets in order to find job in the field. 
According to the most recent PwC Global Fintech Report, the issue is no longer whether fintech will alter financial services, but rather which companies will apply it most effectively and emerge as leaders.
According to a recent survey detailing the rapid digitalization of financial services, nearly nine out of ten Americans now use some form of fintech app to manage their financial affairs. Fintech has now reached mainstream acceptance, fuelled in part by the coronavirus epidemic, which pushed customers' usage of fintech for banking, payments, and investing. The proportion of Americans who use fintech increased to 88 percent in 2021, up from 58 percent in the previous study. According to the research, fintech is currently used by more Americans than video-streaming subscriptions (78%) and social media (72%) combined. 
Over the next four years, the global fintech market is expected to develop at a CAGR of roughly 20%. According to GlobeNewswire, the market value is estimated to reach 305 billion dollars by 2025. Furthermore, this year was a watershed moment for the fintech industry, with the line between fintech’s and traditional financial services becoming increasingly blurred. Due to competition from fintech’s and the coronavirus epidemic, virtually every incumbent financial institution is now looking inside and participating in an innovation push. As a result, incumbents are investing in, acquiring, and cooperating with fintech competitors.
Picture 1: Investments in fintech in billions of dollars. (Source: Fortune)
Fintech emerged in the twenty-first century to describe the technology used in the back-end systems of established financial organizations. However, there has been a transition to more consumer-oriented services and, as a result, a more consumer-oriented definition since then. Fintech today spans a variety of sectors and businesses, including education, retail banking, non-profit fundraising, and investment management.
Analysis by GTA GT
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 How it's changing the financial services: https://marutitech.com/fintech-changing-financial-services-innovative-disruptive/
 Impact on financial services: https://www.iqpartners.com/blog/the-impact-of-fintech-on-the-finance-industry/
 Global Fintech Report: https://www.pwc.co.uk/financial-services/fintech/assets/global-fintech-report-2019.pdf
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 92.38% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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