Sunday, October 24, 2021

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What is Fintech?

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Fintech: A term used to refer to innovations in the financial and technology crossover space

  • Companies or services using the internet, mobile devices, software technology or cloud services to provide financial services to businesses or consumers
  • Fintech is all around us in 2020, whether purchasing a coffee at local coffee shop, managing the finance or transferring amount to a friend $8 for food on Venmo.
  • Fintech has been used for many of the newest technological developments – from payment apps like PayPal  or Venmo to even cryptocurrency
  • Earlier fintech referred to technology involved in back-end systems of banks or financial institution, but now its connected to many services like to manage funds, trade stocks, pay for food, buy online, manage insurance etc.
  • According to the forbes report, for the estimated near 2 billion people worldwide without bank accounts, fintech provides a nimble option to participate in direct access to their financial services through easy-to-use technology.

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