Industries

Financial Technology - Industry

Financial Technology - Industry

Fintech is an industry covering all kinds of technology in financial services—from businesses to consumers. It describes any company that provides financial services through software or other technology and comprises anything from mobile payment apps to cryptocurrency. A lot of fintech products are designed to connect consumers' finances with technology for ease of use.

  • Initially, fintech referred to technology that was applied to the back-end systems of banks or other financial institutions.
  • Today, it encompasses a plethora of other applications that are more consumer-focused.
  • In 2020, it is possible to manage funds, trade stocks, pay for food, or manage insurance through this technology.
  • Fintech has been used for many of the newest technological developments—from payment apps like PayPal or Venmo to even cryptocurrency.