Fintech
The technologies used and applied in the financial services sector.
The term ‘fintech’ is a portmanteau of financial technology, and initially referred to the technology underpinning the back-end of established consumer and trade financial institutions. Today, it can be more generally defined as any technological innovation in the financial services sector.
How big is fintech?
Fintech should not be presumed to be a mere buzzword or fad; according to reports, there has been a dramatic increase in global spending on fintech over the past decade, from $930 million in 2008 to more than more than $12 billion by early 2015.Practical Application Example
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The use of smartphones for mobile banking, investing services and payments is a great example of the technology that has disrupted traditional financial services in recent years. ”
