If you have ever paid for something with
your phone, transferred money using an app, or checked your bank statement
online – then you are already part of a multi-million dollar industry. It is
called 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 crypto currency.
According to Wikipedia, fintech is a new financial industry that applies technology to improve financial activities. It includes a huge range of products, technologies, and business models that are changing the financial services industry.
Initially, fintech referred to technology that was applied to the back-end systems of banks or other financial institutions - but has since grown to encompass a plethora of other applications that are more consumer-focused. In 2020, it is possible to manage funds, trade stocks, pay for food or manage insurance through this technology and often on your smartphone.
