Financial technology, or fintech, is all about using new technologies to make banking and financial services more user-friendly, efficient and effective. It’s a broad category of products and tools that streamline behind-the-scenes finance functions as well as consumer-facing services like online banking, digital payments and investment platforms.
It’s also a growing area of innovation that can be fueled by regulatory change, consumer demand and the rise of startup companies with unique ideas that challenge more established providers. Many of the most talked about fintech startups, such as credit card company Affirm and all-in-one money management tool Mint, focus on cutting out traditional lenders by offering more competitive terms or serving a previously underserved market.
These new tech-powered tools can also help consumers better understand their finances, making them more informed about saving and investing. They can also help people navigate complex financial procedures, such as transferring titles for cars and homes or applying for mortgages, with the click of a mouse or the swipe of a mobile device.
As the world of banking, investments and insurance continues to digitize, it’s crucial to understand how fintech is being used around the globe and what the future may hold. Read our full article to learn more about the different eras of fintech and how they’re changing the way we do business. https://greyjournal.net/hustle/work-tech/navigating-the-new-challenges-for-fintech-startups-in-a-changing-economic-landscape/