FinTech is a combination of the words Financial and Technology and the word first emerged in the 21st century. FinTech encompasses most technology that is used for financial services. The term used to be used to primarily describe back-end systems at financial institutions, but has since grown to include consumer-oriented services and crypto-currencies.
Below are some examples of FinTech:
- Money Transfers
- Applying For Credit Online
- Raising Money For A Business Startup
- Depositing A Check
- Managing Your Investments Online
FinTech became especially prevalent during the coronavirus pandemic. With people less-willing to meet in-person or go to a physical bank, consumer’s turned to virtual banking in the masses. Over 90% of Americans report using financial technology in their day-to-day lives. It is considered one of the most adopted technologies among consumers. The main drivers for consumers using FinTech are: saves times, more control over your finances and saves money. FinTech is growing super fast, and it’s here to stay!