Fintech, a word made by combining two words “Financial and Technology, refers to a field in the technology sector which aims to provide better alternatives to the conventional banking and lending systems, and the strict regulations that come with them.
Currently, many startups and established Fintech companies like Proof Systems are in the business, and everyone is trying its best to introduce new technology that’d make sending and receiving money easier and faster than ever.
Previously, the word Fintech was used for all the processes, servers and softwares in the backend which made the frontend banking operations possible, but as the time passed, the definition changed to mention any technology made to disrupt the conventional banking and lending systems worldwide by providing better alternatives.
How Fintech is Affecting Businesses
The full scope and limits of the financial technology are yet to be discovered, every Fintech startup introduces its own plan and tries to take Fintech to new heights, but, if we were to select some common features in all the Fintech products, then ease of assess and faster speed should be the two common features of choice.
One main reason behind the current popularity of Fintech is that it is much more affordable than the previously used methods, and it can save businesses millions of dollars in the long run. Also, these features and services can be accessed anytime from your mobile phones and laptops.
Some Fintech Companies
Some of the biggest Fintech companies in the payment processing domain are stripe, square and payfirma.
Fintech has also put its feet in the lending industry. Services like upstart and lending club provide you with faster application processing and easy conditions on lending than the traditional counterparts.
Additionally, cryptocurrency wallets and exchanges like Coinbase are also included in the list of Fintech products, these services provide their users with fast, seamless cryptocurrency transactions.