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Fintech is a collection of the terms “Finance” and “Technology” and refers to any business that uses technology to improve or automate financial services and processes. The term encompasses a rapidly growing industry that serves the interests of consumers and businesses alike in a number of ways. From mobile banking and insurance to cryptographic and investment applications, Fintech has an endless variety of seemingly applications.
The industry is huge – and it will continue to expand in the coming years. According to CB Insights, there are “41 Fintech unicorns backed by VC with a total value of $ 154.1 billion.” One of the motivating factors is that many traditional banks are supporting and adopting the technology, actively investing in fintech startups, acquiring or collaborating with fintech startups, because it is easier to give customers with digital thinking what they want, and at the same time promote the industry Go ahead and stay relevant.
How does fintech work?
Fintech is not a new industry, it is just an industry that has developed very quickly. Technology has, to some extent, always been a part of the financial world, whether it be the presentation of credit cards in the 1950s or ATMs, e-commerce floors, personal finance apps and high-frequency trading in the decades that followed.
The courage behind financial technology varies from project to project, application to application. However, some of the latest advances are the use of machine learning, blockchain and data science algorithms to do everything from credit risks to processing to operating hedge funds. In fact, there is now a whole subgroup of regulatory technologies known as “regtech” designed to navigate the complex world of compliance and regulatory issues of industries like, you guessed it, fintech.