What is Fintech? Thanks for asking!
Fintech is an abbreviation of “financial technology” It’s a new business sector which began developing during the 2010s. Fintech companies put technology to the service of financial activity. Finance can now be handled from the palm of our hands. If we forget about the tech part for a minute, we’re talking about the finance sector of traditional banking. Due to their large structures, these companies are somewhat slow to integrate new technologies into their business practices. That’s how new players, with more digital knowhow and innovation, have been able to challenge traditional finance. 2015 was a key year for fintech, with 47 billion dollars invested.
When I think finance, I think billions of digits and transactions between New York traders. With or without technology, what’s it got to do with my daily life?
Well, we all handle a little bit of finance every day, whether saving up to go on holiday or getting a third pint for your mate who never pays you back. That’s changed since everybody started having a smartphone on them all the time. Fintech allows us to make instant transfers between friends, pay at checkout using our phone and view bank account statements in real time.
What about crowdfunding and cryptocurrencies? Do they have anything to do with fintech? In under 3 minutes, we answer your questions!
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