The financial system across the world is at a cusp of another major transformation due to innovations of information technology called fintech and the spread of Internet. In his book Fintech Future, Sanjay Phadke has very elaborately and logically explained the changes that are brought about by the fintech revolution in different parts of the world. He has also tried to capture the future landscape of the financial system in the wake of technological developments.
Fintech Future vividly describes the challenges faced by institutions governing finances across the world on account of rapidly growing fintech innovations. While the central banks that regulate commercial banks are deliberating over an appropriate regulatory framework for banks and other fintech firms, a totally new concept of decentralized finance or de-fi is also taking shape that seeks to create a financial system without any intermediaries. Traditional banking that grew so big over a period of time is facing an existential crisis from neo-born fintech, riding on the infrastructure of banks but yet offering superior services using innovative solutions. Not only the new fintech firms but also the established big tech firms like Facebook, Google, Apple, Amazon, etc., are creating big challenges for the banks and the established financial sector. The author has used the metaphor of the Titanic, the ship that was considered unsinkable, but sank in its maiden voyage—to describe the traditional banks in the age of fintech.