FinTech Definition - FinTech Weekly

FinTech, short for financial technology, encompasses the application of innovative technologies in the financial industry, with a focus on user experience and financial inclusion. It aims to improve traditional finance by offering new solutions tailored to modern challenges. The industry has evolved through different eras, with a major shift towards disruption post the 2008 global financial crisis. Fintech utilizes technologies like AI and blockchain, offering inclusive solutions for finances, payments, and data. It has reshaped how individuals and businesses manage money, with a focus on mobile accessibility and security such as smart contracts. While facing regulatory challenges and privacy concerns, fintech continues to innovate and gain popularity over traditional banking due to its adaptability and customer-centric approach.