Introduction and Overview

This chapter outlines a sketch and a brief overview of the topic, including the genesis of FinTechfintech and its development in the past decade along with the subsequent challenges and opportunities that its various segments are posing to the incumbent banking and financial institutionsfinancial institutions; the main argument in this chapter will be the fact that disruption is a real phenomenon taking place in a fast pace in financial industry and that financial institutions, particularly banksbanks which were immune to severe disruption, under the idea of “Too big to fail” (TBTF) until recently, are now hit with transformations in the form of disintermediationdisintermediation in financial services industry.