What Is Fintech Part One
While Fintech, a term that has been debated for the past few years, is a long-standing concept for the finance and banking industry, outsiders also raise questions such as what Fintech is, how it is used, why it matters
. For this purpose, before defining the industry, let's start with the vocabulary of the concept and history of the term fintech.
Fintech, made up of the abbreviations of finance and technology in English, is the term given to technical solutions in the financial industry, which can be inferred from its name.
How Was The Concept Of Fintech Brought About?
While solutions such as online banking, which blends conventional banking with the Internet, are among the first examples of FinTech, in recent years solutions and technologies have been more complicated and have brought functional innovations to life.
Our capacity to pay over the internet is also gathered under the fintech umbrella, as is cryptocurrency. So, it makes no sense to draw a strict boundary across fintech startups and the fintech ecosystem.
Also, everybody takes the history of Fintech from a different viewpoint. For instance, certain people are taking the introduction of ATMs as the emergence of Fintech while some consider the implementation of POS machines. Some of them are focused on mobile banking or the advent of totally application-based, innovative start-up concepts, as we described above.
We will see the influence of these innovations from individual finance to high-level business implementation fields.
Investment finance, for instance, also gets its share from Fintech. Shortly, fintech systems would be able to offer technologies that can interpret incredibly quickly and handle data that cannot be analyzed by human beings.
Cryptocurrency is one of the most important topics that spring to mind when speaking about Fintech. Especially when Bitcoin values are rising rapidly, we can see that there is a curiosity about cryptocurrency.
Of necessity, various smartphone apps such as crypto money exchange, crypto trading, and crypto money review websites and apps are also commonly used.
