Final answer:
FinTech represents the innovation in the financial service industry driven by modern technology that modernizes and automates financial services.
Step-by-step explanation:
The technology-driven innovation occurring in the financial service industry is referred to as FinTech, which combines financial services with modern technology to improve and automate the delivery and use of financial services. FinTech represents disruptive innovation, as it can have a major effect on the way the financial industry operates and can lead to the creation of new markets. An example of such disruptive technology includes digital photography, which made film-based cameras obsolete, illustrating how technology influences various aspects of everyday life including new product development, better quality outputs, and innovative organizational methods.