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Fintech, short for “financial technology" refers to companies, applications and systems using innovative technology to compete with traditional financial methods in the delivery of financial services by serving the same functions with improved efficiency or creating new services.
Broadly speaking, fintech can refer to any new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones.
In the past decade, fintech has grown to include crypto and web3 developments and innovations as well, as these alternative technologies are increasingly subverting or replacing classic financial sector processes.
Today, fintech continues to make tremendous progress for consumers because of the way it solves their problems in friendlier and cheaper ways compared to traditional systems. Fintech startups often disrupt established giants in the finance industry by expanding financial inclusion and using technology to cut down on operational costs.
Extra reading:
https://www.investopedia.com/terms/f/fintech.asp
https://bootcamp.cvn.columbia.edu/blog/what-is-fintech/
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