FinTech, a combination of the terms “financial” and “technology,” is a relatively new, often misused term that applies to any emerging technology that helps consumers or financial institutions to deliver financial services in new, faster ways than traditional ones. Think about the difference between going into a bank and asking for your balance and the ability to extract that information in real-time on your phone and you will have a good idea of the impact of FinTech.
Everything from a consumer’s ability to go online and see financial transactions to apps that allow you to pay friends to tools that allow financial institutions to make quick borrowing decisions is all part of the emergence of financial services. The ability for investors to do their own research, select stocks, and see the performance of their portfolio in real-time is also an example of a working FinTech.
FinTech empowers consumers to take control of their financial lives, leading to greater financial awareness than ever before. It breaks down old monsters and helps improve consumer financial status and results through advanced technology.
