Fintech is a portmanteau of the terms "finance" and "technology" and refers to any business that uses technology to improve or automate financial services and processes. The term is a broad and fast-growing industry that serves both customers and businesses. At its core, Fintech helps companies, businesses and customers further manage their financial activities, processes and lives using specialized software and algorithms used in computers and, increasingly, smart phones.
Fintech can be considered "an innovative idea that improves the financial services process by proposing technology solutions to different business situations, while the ideas can lead to new business models or even new businesses."
Fintech is giving customers the ability to manage their financial lives, which leads to much more financial signature than ever before. It breaks down old silos and takes advantage of advanced technology to help customers advance their financial situation and results.
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