Fintech

What is FinTech?

FinTech is a term used to describe a product or company that focuses on pioneering innovation in the finance sector. Most commonly it is used to describe startup companies, but the name can also be applied to any business that brings new technological advancements to the industry. The name comes from combining the words “Financial” and “Technology”.

For the most part FinTech focuses on apps, websites and ‘disrupting’ the market. Commonly this takes a consumer-focus, harnessing the power of the internet (and other forms of technology) to resolve long-standing bugbears of the industry; for example online banking could be viewed as an early example of FinTech, allowing customers to transfer funds and monitor accounts without having to visit their nearest branch.

In January 2018 Open Banking was launched in the UK, which aimed to allow FinTech companies to bring their innovation to a more mainstream audience. Other recent developments that can be attributed to FinTech include cryptocurrencies (such as Bitcoin), payment platforms (such as PayPal), Blockchain technology or even apps that help you stick to a budget. It really is that broad and all-encompassing.

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