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Fig. 1


  1. These evolution phases apply for developed economies, such as the USA or Western European countries. Other countries like for example China went through different phases of evolution of its fintech industry (see for example Shim and Shin 2016, p.174).


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Correspondence to Thomas Puschmann.

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Accepted after one revision by Prof. Dr. Sinz.

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Puschmann, T. Fintech. Bus Inf Syst Eng 59, 69–76 (2017).

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  • Fintech
  • Financial technology
  • Digitization
  • Innovation
  • Financial services industry