Fintech, Product Story

Fintech- The Heart of Modern Finance

post graduate diploma in financial technology

In today’s ever-evolving financial landscape, one term seems to be on everyone’s mind: Fintech. This amalgamation of finance and technology has revolutionized the way we think about money, transactions, and the entire financial ecosystem. But what exactly is fintech, and why is it considered the heart of modern finance?

Why has fintech captured the imagination of so many, and why is it considered the driving force behind modern finance? Is it the promise of greater financial inclusion, breaking down barriers that have traditionally excluded individuals from accessing financial services? Or perhaps it’s the potential for enhanced security and transparency, offering a shield against fraud and malfeasance?

What is Fintech?

It is a term that combines the words “financial” and “technology” to refer to the application of technology and innovation in the financial services industry. It encompasses a wide range of technological advancements and digital solutions that aim to improve and automate various financial activities and processes.
Financial Technologies innovations cover a broad spectrum of areas within finance, including banking, payments, lending, insurance, wealth management, and more. These advancements often leverage technologies such as artificial intelligence, big data analytics, blockchain, mobile applications, and cloud computing to provide more efficient, accessible, and user-friendly financial services.

Evolution of Fintech

The roots can be traced back to the 1950s with the introduction of credit cards, ATMs, and electronic fund transfers. However, the true revolution began with the advent of the internet in the 1990s, which provided a platform for online banking and e-commerce. As technology advanced, financial technology expanded its scope to encompass mobile payments, digital currencies, robo-advisors, peer-to-peer lending, and blockchain technology.

It’s evolutionary journey has been fueled by several factors. The increasing penetration of smartphones, the rise of big data and analytics, the development of artificial intelligence and machine learning, and the growing demand for seamless, user-friendly financial services have all contributed to its rapid growth.

Why is Fintech the heart of Modern Science?

It has emerged as the heart of modern science due to its profound impact on various sectors. Here’s why:

1. Democratizing Financial Services:

Financial technology has made financial services accessible to a wider audience, bridging the gap between the unbanked and traditional banking systems. Mobile banking and digital wallets have empowered individuals to manage their finances conveniently, even in remote areas.

2. Innovation and Efficiency:

It has revolutionized traditional financial systems by introducing innovative technologies and streamlining processes. Automation, artificial intelligence, and machine learning have enhanced efficiency, reduced costs, and minimized human errors.

3. Financial Inclusion:

It has played a pivotal role in promoting financial inclusion, particularly in developing countries. It has provided affordable and accessible financial services to underserved populations, enabling them to participate in the formal economy.

4. Disruptive Potential:

It has disrupted traditional industries such as banking, insurance, and investment management. Startups and digital platforms have challenged incumbents, forcing them to embrace technology and improve their services to stay competitive.

Fintech Terrain

The financial technology landscape is diverse and continuously evolving. It encompasses various sectors, including banking, payments, lending, insurance, wealth management, and regulatory technology (RegTech). Some notable innovations include:

1. Mobile Payments:

Digital transactions have transformed the way we make payments, providing convenience and security.

2. Cryptocurrencies and Blockchain:

Bitcoin and other cryptocurrencies have gained popularity as digital assets, while blockchain technology offers secure and transparent transactional networks.

3. Robo-Advisors:

Automated investment platforms use algorithms to provide personalized investment advice, making wealth management more accessible and affordable.


The scope of financial technology is vast and ever-expanding. With ongoing advancements in technology, the future of it holds immense potential. The integration of artificial intelligence, machine learning, and big data will further enhance the accuracy and efficiency of financial services. Additionally, the rise of decentralized finance (DeFi) and the potential integration of it with emerging technologies like the Internet of Things (IoT) and 5G will create new avenues for innovation and disruption.

The global financial technology market has witnessed remarkable growth in recent years. According to a report, the global fintech market was valued at approximately $111.8 billion in 2018 and is projected to reach a staggering $460 billion by 2025, with a compound annual growth rate (CAGR) of 23.3%.

1. Mobile Payments:

The adoption of mobile payments is expanding rapidly worldwide. As per a report, global mobile payment transaction value is expected to reach $4.9 trillion in 2023, indicating the increasing popularity and convenience of mobile payment platforms.

2. Blockchain and Cryptocurrencies:

The blockchain and cryptocurrency market has gained significant traction. The market capitalization of cryptocurrencies reached over $2 trillion in April 2021, reflecting the growing acceptance and adoption of digital currencies.

3. Artificial Intelligence (AI) and Automation:

The integration of AI and automation in financial technology has immense potential. A survey by PwC states that 52% of financial services executives believe AI will have a significant impact on their business operations, leading to increased efficiency, improved customer experiences, and cost savings.

4. Insurtech:

The insurtech market is witnessing substantial growth. According to a report, the global insurtech market is projected to reach a value of $10.14 billion by 2025, driven by the adoption of digital claims processing, personalized policies, and improved risk assessment.


Fintech has revolutionized the financial landscape, becoming the heart of modern science. Its transformative impact on various sectors, from banking and payments to insurance and wealth management, cannot be overstated. With a market projected to reach hundreds of billions of dollars and exponential growth in mobile payments, digital banking, and blockchain technology, It is reshaping the way we interact with and manage our finances. The integration of AI, automation, and emerging technologies further expands its scope, promising increased efficiency, improved customer experiences, and greater financial inclusion.

As financial technologies continues to evolve and disrupt traditional systems, its potential to drive innovation and shape the future of finance is truly remarkable.
Considering the significance, the BSE Institute in collaboration with Garware Institute of Career Education and Development (GICED) and Mumbai University offers Post Graduate Diploma in Financial Technology (PGDFT) course. The academic curriculum of this financial technology course begins with the very basics which form the core of fintech.

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