Fintech is the term used to refer to innovations in the financial and technology crossover space, and typically refers to companies or services that use technology to provide financial services to businesses or consumers.
You may not think you are participating in a revolutionary experience when you transfer your friend $7 for food on Venmo. But since the advent of fintech, short for financial technology, the financial services industry has been turned on its head.
Whether purchasing coffee at your local coffee shop or managing your finances, fintech is all around us in 2019.
What Is Fintech?
Fintech is a term used to describe financial technology, an industry encompassing any kind of technology in financial services – from businesses to consumers. Fintech describes any company that provides financial services through software or other technology, and includes anything from mobile payment apps to cryptocurrency.
Broadly, fintech describes any company using the internet, mobile devices, software technology or cloud services to perform or connect with financial services. Many fintech products are designed to connect consumers’ finances with technology for ease of use, although the term is also applied to business-to-business (B2B) technologies as well.
Fintech has made inroads with dozens of applications and has changed the way consumers access their finances.
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