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Understanding FinTech and types of financial technologies.


What is FinTech?

Fintech, short for financial technology, describes technologies that are being leveraged to make financial processes easier, more efficient, and more profitable. Fintech companies develop a variety of software platforms, apps, hardware solutions, and more to achieve these goals. 

Types of Fintech include:

  • Online and mobile banking platforms
  • Person-to-person (P2P) payment apps
  • Peer-to-peer and other tech-focused personal lending platforms
  • Mobile payments
  • Contactless payments, allowing consumers to pay in store without swiping or inserting their payment cards
  • Robo-advisors, digital financial advisors that use algorithms and artificial intelligence (AI) with little to no human intervention
  • Budgeting apps
  • Blockchain technology and cryptocurrencies
  • Brokerage services, including stock trading apps
  • Software that automates previously laborious and tedious tasks

~ The Motley Fool

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