FinTech as The Emerging Technologies in Banking Industry: Past, Present, and Future

Fangky Antoneus Sorongan, Mercurius Broto Legowo, Steph Subanidja


In the last decade, it stated that the discourse and the role of Financial Technology (FinTech) as the emerging technology in the financial and banking industry attracted the attention of researchers, practitioners, regulators, and policymakers. Referring to the evolution of FinTech to date, FinTech influences business activities in the banking industry from the past, present, and future. In Indonesia, the opportunities and challenges for the emergence of financial technology in the banking industry are enormous. Therefore, analytical studies related to fintech in the banking industry in the past, present, and future are necessary. Based on these facts, this study aims to present a descriptive analysis of the emergence of FinTech which has had an impact on the banking industry in the past, present, and future, particularly in Indonesia, as a case study. This study uses a descriptive analysis research method and using qualitative method approaches. This descriptive analysis is carried out by critically analyzing various relevant scientific journals, the facts of the FinTech phenomenon in Indonesia, and documentation papers from banking institutions. This results analysis reveals what happened to FinTech as the emerging technology in the past, present, and future in the Banking Industry. The expected contribution of this study provides answers to opportunities and challenges related to FinTech and the banking industry in the past, present, and future in more depth.


Banking Industry, FinTech, Future, Pas, Present

Full Text:



Mention, A. L. (2019). The Future of Fintech. Research Technology Management, 62(4), 59–63..

Gomber, P., Koch, J.-A., & Siering, M. (2017). Digital Finance And FinTech : Current Research And Future Research Directions. Journal of Business Economics, 87(5), 537–580.

Teja, A. (2017). Indonesian Fintech Business : New Innovations or Foster and Collaborate in Business Ecosystems ? Literature Study and Hypothesis Development. The Asian Journal of Technology Management, 10(1), 10–18.

CNBC Indonesia. (2017). FinTech Business in Indonesia. In CNBC Indonesia Surveys. Retrieved from

Startupranking.(2019). Startup Ranking Countries. Retrieved from

Prawirasasra, K. P. (2018). Financial Technology in Indonesia : Disruptive or Collaborative ? Reports on Economics and Finance, 4(2), 83–90.

Thakor, A. V. (2019). Fintech and Banking: What do we know ? Journal of Financial Intermediation, 1(January), 1–13.

Jakšič, M., & Marinč, M. (2019). The Future of Banking: The Role of Information Technology. International Journal of Scientific and Technology Research, 8(6), 305–308.

Rabhi, F. A. (2016). Building the Business Case for SOA : A Study of the Business Drivers for Technology Infrastructure Supporting Financial Service Institutions. In International Workshop on Enterprise Applications and Services in the Finance Industry. Springer, Berlin, Heidelberg.

Gomber, P., Parker, C., Kauffman, R. ., & Weber, B. . (2018). On the Fintech Revolution : Interpreting the Forces of Innovation , Disruption , and Transformation in Financial Services On the Fintech Revolution : Interpreting the Forces of Innovation , Disruption and Transformation in Financial Services. Journal of Management Information System, 1(January), 1–14.

Baporikar, N. (2018). Drivers of Innovation. In Chapter 14, 250–268.

Dermine, J. (2017). Digital Disruption and Bank Lending. European Economy – Banks, Regulation, and the Real Sector, 3(2), 63–76. Retrieved from

Mutiara, U., Candanni, L. R., & Hasibuan, R. R. (2019). Construction of Financial Technology in Banking Systems in Indonesia. Jurnal Hukum NOVELTY, 10(02), 150–163.

Bank Indonesia. (2019). Indonesia Payment Systems Blueprint 2025 Bank Indonesia : Navigating the National Payment Systems in the Digital Era. Retrieved from Presentation.pdf

OJK. (2017). Financial Technology ( FinTech ) in Indonesia.Paper FinTech-IBS.

Stulz, R. M. (2019). FinTech, BigTech, and the Future of Banks. Journal of Applied Corporate Finance, 31(4), 86–97.

Broto Legowo, M., Subanija, S., & Sorongan, F. A. (2020). Role of FinTech Mechanism to Technological Innovation : A Conceptual Framework. International Journal of Innovative Science and Research Technology, 5(5), 1–6.

Minerva, R. (2016). The Potential Of The FinTech Industry To Support The Growth Of SMEs In Indonesia. MBA Degree Thesis.

Kim, Y., Ju Park, Y., Choi, J., & Yeon, J. (2016). The Adoption of Mobile Payment Services for “ Fintech .”International Journal of Applied Engineering Research., 11(2), 1058–1061.

Zavolokina, L., Dolata, M., & Schwabe, G. (2016). FinTech – What’s in a Name ? Thirty Seventh International Conference on Information Systems Proceeding, 1–19.

Wulan, V. R. (2017). Financial Technology (FinTech) A New Transsaction In Future. Journal of Electrical Engineering and Computer Sciences, 2(1), 177–182.

IOSCO. (2017). IOSCO Research Report on Financial Technologies (Fintech). International Organization of Securities Commissions. Retrieved from

WEF. (2015). World Economic Forum-The Future of Financial Services. World Economic Forum.

Frame, W. S., Wall, L., & White, L. J. (2018). Technological Change and Financial Innovation in Banking: Some Implications for FinTech. ( and J. O. S. W. Allen Berger, Phillip Molyneux, Ed.) (3 rd Editi). New York, USA.

Prabhavathi, K., & Dinesh, G. P. (2018). Banking: Definition and Evolution. International Journal of Scientific & Engineering Research, 9(8), 745–753.

Trębacz, T. (2019). FinTech as an innovative banking sector, 122(February), 83–95.

Loeb, S., Dynarski, S., McFarland, D., Morris, P., Reardon, S., & Reber, S. (2017). Descriptive Analysis in Education: A Guide for Researchers. U.S. Department of Education, Institute of Education Sciences. National Center for Education Evaluation and Regional Assistance. Institute of Education Science.

Mishra, D. S. K. (2012). Virtual Banking: From Conventional to Competitive Approach. SSRN Electronic Journal, (August 2009).

Leong, K. (2018). FinTech (Financial Technology): What is It and How to Use Technologies to Create Business Value in Fintech Way? International Journal of Innovation, Management and Technology, 9(2), 74–78.

Hamzaee, R. G., & Hughs, B. (2011). Modern Banking And Strategic Portfolio Management. Journal of Business & Economics Research (JBER), 4(11), 85–95.

Anggreini, S.I and Singapurwoko, A.(2019). “The Disruption of Fintech on Rural Bank: An Empirical Study on Rural Banks In Indonesia,” in 20th International Conference on Contemporary issues in Science, Engineering and Management (ICCI-SEM-2019), no. April, 1–5.

Frost,J., Gambacorta,L., Huang, Y., Shin, H. S., and Zbinden, P.(2020). BigTech and the changing structure of financial intermediation. Econ. Policy, no. 779, 3–45.

Mehrotra, M., Tan, A., Hutasuhut, M., Poon, H.E., Demirova, A., and Hyunbin, L.B. (2019). The Future Is Now: Digital Financial Services in Indonesia. Deloitte 2019, 7-16.

Batunanggar, S. 2019. Fintech Development and Regulatory Frameworks in Indonesia. ADBI

Working Paper 1014. Tokyo: Asian Development Bank Institute. Available:



  • There are currently no refbacks.

Copyright (c) 2021 Fangky Antoneus Sorongan

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.