But after a myriad of innovative apps and wide applications, they’ve now gone mainstream. At the rate it’s growing, it is becoming a threat to the very existence of conventional, brick-and-mortar financial institutions.Īt first, fintech was confined to function as back-end systems of banks. From the background to center stageįrom mobile payment apps to insurance and investment companies, fintech has disrupted traditional financial and banking industries. For 2018 alone, Fintech firms raised an unprecedented US$39.6 billion.

64% of millennials and 59% of Gen Xers have at least one full-service banking app on their phone.Īside from consumers, venture capitalists are contributing significantly to its global growth.

Every year, an increasing number of people across the world are using fintech. In the U.S. These fintech-empowered tools are changing the way many consumers track, manage and facilitate their finances. Initially confined to only desktops and laptops, fintech services are now increasingly done using smartphones. What is the purpose of fintech? Fintech uses technological tools to help consumers and companies to more efficiently manage their financial transactions. The term is also used when talking about firms that create and provide such innovative financial products and services. Such integrations commonly seek to enhance and automate the use and delivery of financial services to consumers and businesses.

What is fintech? Fintech is defined as innovations that involve the ever-expanding integrations between digital technology and finance. This is why we’ve prepared this definitive introduction for you. Whether we like it or not, many of us had been using some forms of fintech without the slightest idea what it’s all about. Given the rapid pace of how technology is changing the financial world, further fintech developments will likely bring about vast improvements to business and finance.īefore fintech reaches further milestones in the near future, it pays to know now the essentials about this awesome technology. But signs indicate that we must still live with cash for a longer time than anticipated.įintech will play a crucial role in making a cashless world a reality. Almost everyone had been talking about it for quite some time now. The long string of fintech advancements had kicked off the powerful notion of a cashless society. (Source: Abhishek Soni/, 2019) Finally, a cashless society?

Fluid app fintech