Fintech is the term used to refer to innovations in the financial and technology crossover space, and typically refers to companies or services that use technology to provide financial services to businesses or consumers.
The word is made from “Fin” being the financial service and “Tech” of course being the technology used to deliver the product.
It is an emerging industry that uses technology to improve activities in finance.
We have already been exposed to FinTech with the use of our smartphones for mobile banking and we have all probably heard a bit about online services that offer payment gateways like PayPal and cryptocurrency.
Most FinTech businesses target those people that are quite used to using technology and currently in financial services they do not offer advice.
Financials advisers and mortgage advisers need to ensure that they understand what options are available including the new FinTech options so they can include these in the advice that they offer. It will become more important that they do as the technology gets better and is deemed a more acceptable alternative.
