With the birth of mobile banking and online stock trading, the financial technology (financial technology) industry began at the end of the 20th century. Since then, with the development of technology and big data, the scale of financial technology has continuously expanded and changed. Therefore, it has created a new financial service and product, which aims to improve the universality, simplicity and effectiveness of the financial services industry.

The international financial crisis of 2008 helped to improve financial technology by increasing users' demand for unconventional banking or financial services. According to making financial services available to customers at any time, the rise of mobile terminals and the widespread use of smartphones have also contributed to the growth of the financial technology industry. Today, financial technology is once again building the financial industry and promoting independent innovation in payments, borrowing, project investment and insurance.

Historical evolution of financial science and technology industry

The financial technology industry as we now know it did not exist until the 1990s and early 21st century. Even so, the origin of financial technology can be traced back to the birth of computer software in the 1970s and 1980s and the rapid development of mobile banking in the financial service industry. This initial breakthrough laid the foundation for the expansion and development of financial science and technology in the second half of the 20th century and beyond.

The evolution of the financial technology industry is rapid and vigorous, with major changes quietly taking place year after year.

The 1990s and the early 21st century

Early adopters of the financial technology industry provided basic financial services, such as online stock trading and mobile banking, when the industry was in its infancy. Here are some examples of financial technology commodities and enterprises that occurred in the 1990s and early 21st century:

• Online stock trading platform: thanks to services such as E-Trade and Charles Schwab, customers can trade individual stocks online for the first time, greatly improving the universality and convenience of the stock market.
• Mobile banking: financial companies such as Wells Fargo (WFC) and Citibank (Citibank) provide online banking that allows customers to supervise their accounts and then make financial investments.

In addition, payment settlement providers such as PayPal have become early participants in the payment industry, providing users with a convenient and secure way to collect payments online.

2005-2010

Because of the development of new business of financial technology, industries such as payment, loan and insurance have created new products and services. During this period, there are more and more smartphone applications, which has also promoted the expansion of financial technology. Two examples of fintech products or business processes that occurred between 2005 and 2010 are:

• P2P network loan platform: Lending Club is one of the earliest P2P network loan platforms, which was established in 2006 to combine investors and lenders without the need for traditional organization.
• Mobile payment: in 2009, Square, a company dedicated to mobile payments, created a system software that allows small businesses to accept bank credit cards through mobile terminals. This is also an important development of the payment industry, which is conducive to the development trend of mobile payment.

2010-2015

After the financial crisis in 2008, the occurrence of characteristic finance has brought new market prospects for financial technology companies in crowdfunding projects and peer-to-peer borrowing and other industries. The occurrence of blockchain technology also gradually shows the development prospect as a potential subverter of the financial service industry.

The financial technology products or enterprises that continue to emerge from 2010 to 2015 are:

• Crowdfunding projects: Kickstarter was founded in 2009 and became one of the earliest crowdfunding sites, allowing entrepreneurs and originators to raise money for his new project from many supporters.
• Digital currency: BTC (BTC), established in 2008, is the first decentralized digital currency, which means that digital money takes off gradually. Bitcoin and other digital currencies have subverted the traditional financial industry by providing users with a new way to store and migrate use value.

2015-2020

Financial technology products and services have been widely adopted, resulting in further integration of the industry at the same time of further development and rapid development. In order to introduce new financial services to the society, traditional financial institutions gradually enter the market and cooperate with financial science and technology law firms. The birth of digital assets such as digital currency gives the sales market a new perspective.

Two major examples of financial technology products or companies that continue to emerge between 2015 and 2020 are:

• ROBO Consultants: Betterment and Wealthront, each founded in 2008 and 2011, have become two leading ROBO consulting firms that apply algorithms and automation technologies to provide investors with personalized investment value analysis and managed asset allocation.
• Digital banking: conqueror financial institutions such as Monzo, N26 and Revolut were established in 2015, 2015 and 2013 respectively. They offer a limited number of banking services and provide users with a more contemporary and convenient experience in the selection of financial institutions.

2020 murals-Today

Because of the popularity of the COVID-19 epidemic, now many people are applying data financial services for the first time, which accelerates the expansion of financial technology. With the continuous development and innovation of the financial services industry, technologies such as artificial intelligence (AI) and machine learning algorithms are being used to improve financial services. The layout of management and control is also constantly evolving to reflect the development and improvement of the financial technology industry.

Some examples of financial technology products or enterprises that continue to emerge after 2020 include:

• Data Business Insurance: Lemonade was founded in 2015 and has become one of the leading "insurance technology" companies providing digital platforms for real estate purchases and renters' insurance.
• Data securities: companies such as Coinbase, Bakkt and Paxos, founded in 2012, 2018 and 2012, have become leaders in data securities, providing service platforms for trading and owning digital currencies, such as digital currencies and security tokens.

• Open Bank: companies such as Box, founded in 2013 and Yapli, which was founded in 2016, have become managers in the open banking sector, providing API and infrastructure construction for secure browsing of finance, big data, and promoting breakthroughs in the financial technology industry.
• Small loans: Firmm, founded in 2012, and Afterpay, founded in 2014, provide users with a range of bank credit options for online shopping.

The Future Development of Financial Science and Technology Industry chain

With the re-creation and transformation of the financial industry by technology, the future development of financial technology is expected to continue to grow again. Because of innovations such as blockchain technology, artificial intelligence technology and open banks, financial services will become accessible, safe and innovative.

In addition, as more and more consumers choose mobile phones and personal online banking options, there will be a trend of digital development. It can be predicted that traditional financial institutions and financial technology enterprises will increasingly combine, which will lead to the rapid development of new financial services and products.