The provision of financial services to individuals and businesses is being rapidly altered by fintech, or financial technology. Financial technology, according to Siddharth Mehta, CIO of Bay Capital, refers to businesses—often start-ups—that are disrupting the financial services industry and provide a variety of financial services. According to KPMG's Fintech 100, the industries with the highest concentrations of fintech businesses are wealth and brokerage, lending and credit, and payments and transactions. Other financial industries are also embracing fintech, such as blockchain, mortgages, and neo-banks. Digital native businesses, which can be legally operating with or without a current banking license, test the goods, services, and customer experiences of conventional banks and financial service providers. Siddharth Mehta of Bay Capital added. Growing financial technology presents both benefits and drawbacks for the banking industry. Siddharth Mehta IL&FS talks about the ...
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