Development is the process of changing or being changed to become — or make something — more advanced. The development process includes such fields as software development, business development, fintech development, human development, etc. The term development also often stands for a product of a development process. The current economy is mostly driven by development and innovation. The latest developments in the banking industry determine the financial sector’s future and the way financial system function. The implications of fintech developments for banks and bank supervisors is a field of work for many IT companies and consulting enterprises. Fintech developments help with reducing the expenses of banking, hasten transactions, and building a fast and robust network for private and secure usage for customers.