"Fintech like most game-changing technological innovations they have transformed the way we live have become part of our everyday life think about banking world as we know it things from artificial intelligence peer-to-peer lending big data and Use of AI, ML IoT has been a boon and Adaption of new-age tech in Finance will just open up newer avenues for startups and there are still 2 Bln people who have no access to any banking facility and still save up cash under their carpets and mattresses.
So as Fin-tech evolves with newer technologies it will disrupt most of the industries. It will create newer Jobs and take away redundant ones ( think of our experience at SBI ) ease of use, better user experience, and better convenience to the end customer, and Just a few examples
Education : Fintech Courses in Universities,
Insurance: Reduction in premium since u have a connected car and it gives out analytics on your driving pattern and hence the Insurance company will reduce your premium since you are a safe driver
Jobs: Newer Startups to come up and create newer skills and newer profiles.
Economy : Use of predictive and prescriptive analytics to foresee any economical disaster (Demonetisation) better decision making by the leaders.
End User : (IoT) with wearable connected devices things are just going to get a lot better and more efficient and People start becoming more reliant on technology to make decisions.
Healthcare: With Fin-tech evolving.. a patient will have access to better and on-time medical attention as he will know if he is insured and what’s the extent to which he can get coverage for his treatment and even before he reaches the hospital he will know what’s gonna be the probable cost of his treatment and what medicines he would need and that data can be provided to pharmacies and they can provide for better meds..and for that he would need insurance and that will be connected to his bank account.
These are some of the areas.. but the application of faintest and the impact it has on our lives is just going to expand and grow our time "