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What Is FinTech?

Any company that modifies enhances, or automates financial services for people or corporations is referred to as a "fintech company."

Fintech simplifies financial services for customers and financial institutes. Examples include mobile banking, peer-to-peer payment services, automated portfolio managers, and trading platforms.

It makes the services delivered in a new and faster manner. FinTech have outstepped the traditional ways.

Fintech offers many uses, from cryptocurrencies and investment apps to mobile banking and insurance. As a result, it benefits both customers and businesses in several ways.

Blockchain technology, AI, and big data are the three main forces behind modern fintech, and they have all drastically changed how businesses move, store, and safeguard digital money.

How Does Fintech Operate?

  • It enables extremely safe transactions inside a network of businesses using AI and Blockchain technology.
  • Financial transactions are simplified and made more accessible and cost-effective for users or enterprises by reducing needless steps.
  • Example - PhonePay allows yoy to transfer money in the bank account of another person at any time of the day.
  • However, both parties would need to travel to the bank to credit or debit money if you paid with cash or a check instead.
  • The threat of cyberattacks has grown in tandem with the development of fintech.
  • Even Nevertheless, advances in technology have made it possible to reduce the risks of fraud and to counter new threats.
Types Of Fintech Startups And Companies
  • Consumer banking and investing
  • Mobile payments
  • Insurance tech
  • Digital lending and leasing
  • Budgeting apps
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