What is Fintech?
Fintech is short for “Financial Technology” and refers to technology-based innovations in the financial sector. Fintech companies use technologies such as mobile apps, artificial intelligence, and blockchain to make financial services such as payments, loans, insurance, and investments faster, more convenient, and more efficient.
A simple example of Fintech is a mobile app that allows you to transfer money from your bank account to another bank account without going to a bank branch or using a computer. Another application of Fintech is an automated investment platform that recommends investments based on algorithms and data analysis tailored to your risk appetite and goals.