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2021 | OriginalPaper | Chapter

2. Fintech and Its Historical Perspective

Author : Paul David Richard Griffiths

Published in: The Palgrave Handbook of FinTech and Blockchain

Publisher: Springer International Publishing

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Abstract

This chapter gives an overview of how the financial services sector, especially banking, was a driver for ICT development in the last quarter of the twentieth century, and early years of this century. But three complex external phenomena on the technological, social and financial fronts happened nearly simultaneously in the second half of the last decade that led banks to ‘get their eyes off the ball’ and opened the window for a whole new industrial sector to emerge, Fintech. The effects of these three external forces were magnified by the transition from an industrial economy for which the banks were well equipped, to the knowledge economy that they were slow to interpret. Finally, the reader is presented with a framework to understand the industrial organisation of the Fintech sector and insights on how the relationship between banks and Fintech evolved from a highly antagonistic one, to one of collaboration.

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Title: Fintech and Its Historical Perspective
Author: Paul David Richard Griffiths
Publisher: Springer International Publishing
Book: The Palgrave Handbook of FinTech and Blockchain
Print ISBN: 978-3-030-66432-9

Electronic ISBN: 978-3-030-66433-6

Copyright Year: 2021
DOI: https://doi.org/10.1007/978-3-030-66433-6_2