what is fintech?

computer programs and other technology used to support or enable banking and financial services.

"fintech is one of the fastest-growing areas for venture capitalists"

what is fintech - Google Search

Oxford Languages and Google - English | Oxford Languages

Financial technology (Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. ​​​At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones. Fintech, the word, is a combination of "financial technology".

Financial Technology (Fintech) Definition

FinTech, a combination of the words “financial” and “technology,” is a relatively new, and often nebulous term that applies to any emerging technology that helps consumers or financial institutions deliver financial services in newer, faster ways than was traditionally available. Think of the difference between walking into a bank to request your balance and the ability to pull up that information in real-time on your phone and you’ll have a good idea of FinTech’s impact.
Everything from a consumer’s ability to go online and see their financial transactions to apps that allow you to pay friends to tools that allow financial institutions to make quick lending decisions are all part of the evolution of financial services. The ability for investors to do their own research, choose stocks and see their portfolio performance in real time is also an example of FinTech in action.
FinTech is empowering consumers to take charge of their financial lives, leading to much greater financial literacy than ever before. It’s tearing down the old silos and helping to advance the consumers’ financial situation and outcomes by leveraging advanced technology.

What Is Fintech? The Fintech Industry | Envestnet | Yodlee

Think back, for a moment, to your pre-COVID-19 life. In those less socially distanced days, fintech was the unsung hero of your Friday night.
You deposited your paycheck by snapping a photo on your smartphone and uploading it to your bank’s mobile app. You checked Mint to gauge your monthly entertainment budget. At dinner, you and your buddy split the tab using Venmo. Later, you tapped your phone at the bar to pay for a drink with Apple Pay. When it was time to head home, you hopped in an Uber, where you paid for the ride with a stored credit card—or even in Bitcoin.
Even if you don’t realize it, fintech is likely a big part of your personal and professional day-to-day. Ernst and Young’s 2019 Global FinTech Adoption Index cites the adoption rate of fintech as more than two-thirds (64%) globally, up from 16% in 2015. According to the report, three out of four consumers used money transfer and payment solutions last year.
As with many emerging technology sectors, fintech can be an ambiguous concept due to the sheer breadth of tools, platforms and services that fall under its yawning umbrella. If you’re still asking yourself what exactly fintech is, here’s a breakdown.
What Is Fintech?
Fintech is a portmanteau for “financial technology.” It’s a catch-all term for any technology that’s used to augment, streamline, digitize or disrupt traditional financial services.
Fintech refers to software, algorithms and applications for both computer- and mobile-based tools. In some cases, it includes hardware, too—like smart, connected piggy banks or virtual reality (VR) trading platforms. Fintech platforms enable run-of-the-mill tasks like depositing checks, moving money among accounts, paying bills or applying for financial aid. They also encompass technically intricate concepts like peer-to-peer lending or crypto exchanges.
The annual Forbes Fintech 50 compiles some of the hottest platforms on the market worth noting. The 2020 list included companies like Chime, a financial technology company whose banking services are provided by, and whose debit card is issued by, The Bancorp Bank or Stride Bank, and Affirm, a resource for instant, fixed-rate, point-of-sale loans. Stripe also emerged as an investor darling this year, with a $1 billion vote of confidence in the form of funding from Sequoia Capital, General Catalyst and Visa, among others.
Fintech branches off into a number of more granular industries: wealthtech (apps like Wealthsimple, an online investment management service), investtech (like Acorns, which lets users round purchases up to the nearest dollar, investing the change in a diversified portfolio) and insurtech (such as Next Insurance, a mobile-first carrier). It has use cases across nearly every industry, geographical market and business model.
Banks use fintech for both back-end processes—behind-the-scenes monitoring of account activity, for instance—and consumer-facing solutions, like the app you use for checking your balance. Individuals use fintech for everything from tax calculations to dabbling in the markets, with no prior investing experience necessary.

What Is Fintech And How Does It Affect How I Bank? – Forbes Advisor

.

.

.