What is FinTech?
FinTech (Financial Technology) – technologies that help financial services and companies manage the financial aspects of a business. These include: software, applications, processes and business models.
FinTech also called an industry where companies use new financial technologies and solutions to compete with traditional financial institutions for the hearts and funds of customers. Most often these are tech startups and companies that use FinTech tools to improve their services.
Financial technology is applicable to any innovation related to financial transactions, be it personal or business use. The financial technology pioneered by the birth of the credit card (1950s) and ATMs (1960s) has destroyed our world ever since.
What is FinTech used for?
Fintech businesses are most often associated with start-ups that start out in industries traditionally dominated by banks and other financial institutions. But the term fintech extends to tech businesses, traditional service providers, and many other market players as well. At the global level, these are both large, well-known financial institutions and large technology enterprises (Google, Yahoo, Amazon, etc.) operating in the field of financial services. These are businesses that provide technologies that make financial transactions much faster and easier. Among them, there are enterprises that “resent the peace of mind”. These are fast-growing companies (often start-ups) that focus on the latest technologies and processes.
Fintech companies are constantly improving financial services to make them more accessible to businesses and consumers. By making financial systems easier to use and more accessible, businesses and consumers will also improve their business.
There are two main types of Financial Technology users: consumers and business users.
Business Users (B2B) – Today’s B2B Financial Technology services enable companies to leverage their financial transactions to optimize their productivity and overall bottom line.
Users (B2C) – Fintech today offers a wide range of business applications (B2C). Mobile banking apps allow anyone with a smartphone to easily transfer money and manage their finances.
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