Fintech: what it is and definition
Fintech is a branch of the booming economy whose etymology comes from the union of two words: "fin" as finance and "tech" as technology. Fintech or financial or fintech technology is about digitizing the banking and financial system that uses technology to make the system itself more efficient.
Technology has entered the banking and financial sector, and today it is a key part of it. Fintech has accelerated in the internet and mobile era and the 2008 financial crisis allowed financial technology to take over and from here many users understood the slowness of the classic banking system and the speed instead of the fintech sector.
- crowfunding property
- peer-to-peer lending
- asset management
- payment management
- data collection
- currencies or cryptocurrencies such as BitCoin.
All sectors are very different from each other but involve the use of technology in order to make banking and financial processes much more efficient than traditional services.