What is a fintech?

Fintech, or financial technology, refers to financial services that have added more technology services to their products to improve the offerings they have for consumers. As a label fintech is all-encompassing as it can refer to specific products, applications, business models, and even services that are put in place to better aid the financial world.

While not many people know what fintech is the reality is that fintech has been added to many aspects of our lives.

Digital Wallets
The emergence of digital wallets, most famously Venmo and PayPal has helped transform how many people do business as they allow for online payments and direct peer-to-peer (P2P) money transfers.

Digital Banks
Digital worldwide banks such as Revolut and N26 have slowly been taking over as they allow for the security of a regular bank, paired with the convenience of having all of the services available on your phone. These banks will often not charge as many fees and will make different services, such as currency exchanges far easier.

Mobile Payments
Apple Pay, Samsung Pay, and Google Wallet are three of the most popular payment methods. These methods allow you to forget your wallet at home with no fear as everything you could ever need to make a payment is right on your phone.

FinTech is not limited to just these products, but rather it is a growing industry that is completely transforming and changing the financial services industry through the introduction of new useful tools. From digital payments to insurance and even investment management, there are so many different things that you can do digitally or from the comfort of your own home now.