Fintech
Background
"Fintech", a clipped compound of "financial technology", refers to the application of innovative technologies to products and services in the financial industry.
The fintech (financial technology) industry has revolutionized the financial sector by integrating technology to deliver innovative financial services. Emerging in the early 21st century, fintech initially focused on back-end systems for financial institutions but quickly evolved to include consumer-facing applications. Key areas include digital payments, online banking, peer-to-peer lending, cryptocurrency, blockchain, robo-advisors, and insurance technology (insurtech).
Fintech's growth has been fueled by advancements in mobile technology, AI, big data, and cloud computing. It has democratized access to financial services, fostering inclusion for underserved populations and enabling businesses to streamline operations. The sector has witnessed significant investment and regulatory evolution, shaping its trajectory into a cornerstone of the modern economy.
