What is Fintech?
Fintech is the shortened version of the phrase Financial Technology, which is now used to describe businesses that offer financial services using software and modern technology. Some fintech developments have improved traditional services, for example mobile banking apps, while other have revolutionised services such as pay per mile car insurance or created new products, such as Bitcoin.
Where have you heard about Fintech?
Fintech has been a buzzword in recent years. It is often reported in the news by way of new product launches or worries about how new developments will be regulated to protect users.
What you need to know about Fintech.
Fintech has been one of the fastest growing sectors, with investment growing, new start-ups and investors putting money into incubators and accelerators for innovative small fintech companies. New innovations have challenged the traditional way of doing things in financial services, including peer-to-peer lending means there is now an alternative to borrowing from the bank and mobile-only stock trading apps charging no fees.
For some, fintech investments can be at the riskier end of the spectrum, with start-ups failing to understand the regulatory environment or not packaging their product correctly. However, there are new developments and more innovative technologies being created that can be used in the future. Ideas such as improved data analytics which will help clients refine their investment decision making even further, which makes this and interesting area to be aware of.
Find out more about Fintech.
See the latest developments in the specialist Fintech Times: https://thefintechtimes.com/.