While many flashy, emerging technologies have grabbed headlines, fintech offers a variety of very traditional use cases.Fintech is a combination of the words “finance” and “technology.”.Even your Starbucks app is a form of financial technology in that it facilitates payments and a proprietary rewards program using a mobile device. Mobile banking – something that hundreds of millions of people around the world take completely for granted – is actually technology supporting the delivery of traditional banking services (aka fintech).
They include, but are not limited to, everyday banking, insurance, and other back-office risk management functions. While the general public typically associates fintech with really cutting-edge new concepts like blockchain and algorithmic trading, the term applies to a very wide variety of much more “boring” applications.
Updated DecemWhat is Fintech (Financial Technology)?įintech is a combination of the words “finance” and “technology.” Although it’s a blanket term that can mean many different things, broadly speaking, it describes the evolution of an industry where new technology use-cases are developed and deployed to streamline more traditional-looking finance functions.
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