Financial technology (Fintech) is an expression used to depict new tech that aims to improve and digitize the conveyance and utilization of financial services.
At its center, fintech is used to help organizations, entrepreneurs as well as consumers better deal with their financial activities, procedures, and lives by using specific software as well as algorithms that are utilized on PCs and, smartphones.
Fintech, the expression, is a blend of "financial technology".
When fintech become known in the 21st Century, the expression was first used for the technology utilized at the back-end frameworks of established financial organizations.
From that point forward, in any case, there has been a shift to more consumer-oriented services and accordingly a more consumer-oriented definition of the word.
Fintech now incorporates various segments and businesses, for example, education, retail banking, fundraising as well as nonprofit, and investment management etc.
Fintech additionally incorporates the advancement and use of cryptocurrencies like ether, bitcoin etc.
That section of fintech might see the most amount of headlines, the everything still lies in the conventional worldwide banking industry and its multi-trillion-dollar market cap.
Widely, the expression "financial technology" can be applicable to any innovation in how individuals execute business, from the invention of cryptocurrencies to double-entry accounting.