Fintech is a relatively new term used to describe new tech that seeks to improve and automate the delivery and use of financial services. Fintech, the word, is a combination of "financial technology".
Fintech includes any technological innovation in — and automation of — the financial sector, including advances in financial literacy, advice and education, as well as streamlining of wealth management, lending and borrowing, retail banking, fundraising, money transfers/payments, investment management and more.
Technology continues to change how people look at the world and how they handle work. Financial technology (fintech) has long been disrupting the world of finances. With the addition of technology, investing has been opened to people would otherwise not be willing or able to navigate the traditionally complex and time-consuming process. Because of the explosion of financial technology, real estate investors with less experience have access to the tools they need to participate in this industry.
The fintech revolution is also changing customer expectations. Today’s customers expect their interaction with their financial service firms to be quick and affordable. Fintech provides digital solutions that meet these needs. Fintech technologies will continue to transform the financial industry by increasing efficiency while also lowering costs.