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What does fintech mean?

Fintech, short for financial technology, refers to any technology solution built to deliver financial services to individual and corporate customers through software (e.g., online banking, mobile banking apps etc.). It is a broad industry that brings together a variety of different offerings aimed at democratizing finance and changing the way people and businesses access and manage their money operations. Fintech companies emerged as a competition to traditional financial services provided by banks and quickly gained a massive pool of users due to increased digitalization, simplicity, and user-friendliness.

Is fintech the same as banking?

While fintech is aimed at the automation and improved delivery of financial services, its primary focus is on the user experience, seamless functionality, personalization and accessibility. Even if their offering might have its limits, fintechs appeal to a larger market segment thanks to the use of modern technological trends and developments.The main difference between fintechs and traditional banks is the fact that the latter are licensed to accept customer deposits and issue loans. Their primary focus is on financial risk management, which puts a significant limit on their market distribution.

What is the most commonly used fintech service?

The sector that has been most reshaped and revolutionized by fintech is consumer banking. EMIs (electronic money institutions) saw the opportunity to democratize the different components of traditional banking, making them more accessible to a wider pool of users through targeted solutions for both private and business customers with significantly better customer service. Today, an estimated 203 million people use digital banking services, and that number is projected to reach 216.8 million by 2025.

Why is fintech the future?

The digitization of financial services that flooded the market with the emergence of fintech companies has created opportunities to build a more inclusive and efficient financial ecosystem, prioritizing user experience and economic development. The fintech industry is revolutionizing the financial sector, delivering personalized and technologically advanced products that simplify the lives of millions of customers all over the world.

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