FinTech companies did not just appear in the last few years as most people believe. Fintech technology introduced credit cards in the 1950s, online banking in the 1990s, and virtual payment technology in the 2000s. The question is How Fintech Companies Disrupt the Banking Space?

However, it was not till the beginning of the 2010s that people began to take more interest in the fintech industry. Three factors contributed to this:

Recent advancements in technology
Shifts in customer demand for financial services
Increased regulatory activities.
After the global financial crisis of 2007-2008, many customers lost their trust in banks. The banking sector also suffered setbacks, including lower interest rates, slower loan growth, and increased regulation and compliance requirements.
However, there have been recent significant developments in the global banking sector. Banks no longer only operate in their physical branches. They are transiting to the digital space using information technology (IT) and big data... https://alabiansolutions.com/blog/how-fintech-companies-disrupt-the-banking-space/