Growth in real gross domestic product, which had declined from a level of about 3½ per cent per year in 1995 and 1996 to below 2 per cent in 1997, was predicted to rise again in 1998.
To conclude, FinTech companies are accelerating the pace of change and are reshaping the financial services industry radically. Financial service providers like banks are recognizing the potentials of the FinTech. It is clear that the disruptive innovations of the FinTech cannot wholly eliminate or completely decimate the traditional banking or finance.