Abstract

We begin the book by providing a background on the FinTech. The FinTech signifies an on-going technological revolution in financial sector. For example, means of payment is now shifted towards payment by contact-less mechanism or cards, replacing old means of payment such as cheques. According to Juniper FinTech is: The use of technology to underpin the delivery of financial services. FinTech has two main pillars, namely technology and financial system. FinTech disrupts the financial services industry by enhancing customer experience, increasing the speed of service, and reducing operating cost through digitization. Despite resistance to changing environment, financial and insurance services sectors are now embracing this disruption. The waves of digitization, Financial Technology (FinTech) and Insurance Technology (InsuranceTech) are rapidly transforming the financial and insurance services industry. Data is epi·centre of these changes. The vast majority of digital transformation applications for the finance and insurance sectors are data intensive. Available bigdata sources fules new more automated, personalized, and accurate services.