Page 39 - Banking Finance May 2019 N

ARTICLE

INCREASING

EFFECTS OF

FINANCIAL

TECHNOLOGY IN

THE FINANCIAL

WORLD

Introduction: major milestones in the history of financial technology
development which brought revolutionary changes in the
According to Financial Stability Board (FSB), of the BIS,
"Financial technology (FinTech) is technologically enabled financial world. Some of the innovations that changed the
financial innovation that could result in new business models, landscape of financial world are listed as under:
Y The US federal reserve Banks developed Fedwire Fund
applications, processes or products with an associated
material effect on financial markets and institutions and the Services - 1918
provision of financial services". Financial technology is much Y Hedrick Lincoln huller created the IBM @801 Bank Proof
more than technological adaptation into the financial Cash Machine -1934
service, it is any new type of innovative technology that Y Franck McNamera Created the first Dinner Club Credit
competes with or precedes traditional financial methods; Card-1950
particularly the delivery of financial services.
Y The world's first ATM was opened by Barclays- 1967
Milestones in Financial Technology Y Carl Reuterskiold founders SWIFT ( Society for worldwide
Development interbank financial telecommunication)-1973
Throughout the last 100 years we have seen a plethora of Y Financial Service Technology Consortium (Fintech) was
a project initiated by Citicorp-1993
About the author Y The first online checking account was used by Wells
Fargo- 1995
Sarat Kumar Chati
Y The first mobile payment was realized via text message
Chief Manager (Research) buying a Coca- Cola from a vending machine-1997
State Bank Institute of Consumer Banking
Hyderabad Y Leading online payment processing platform PayPal was
founded In 1998

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