Financial technology, or fintech, is the use of advanced technology to improve and automate financial services. It’s a movement that is reshaping our bank accounts, credit cards, payments, savings, loans, mortgages and more. And it’s happening on the go, through mobile apps and other digital tools that are being used by an ever-growing number of people around the world.
The term “fintech” is often used to refer to companies that offer financial products and services, such as robo-advisors, payment apps and peer-to-peer lending apps. But it also covers companies that offer software to help financial institutions streamline service delivery and cut costs.
These new technologies are allowing people to access banking, insurance and investment services on their phones or other devices in ways that were previously not possible. It’s a shift that’s not only improving financial inclusion but helping people manage their finances more effectively.
This is a fast-moving area of innovation, and one that is likely to continue at an even faster pace as the need for convenience in our daily lives continues to increase. We’re already beginning to see the effects of this disruption in our day-to-day experiences with banking, investment and trading.
The key to success will be building robust legal and regulatory frameworks to support fintech growth. They should be flexible enough to respond to both the needs of domestic economies and the evolving global monetary and financial system. They should promote an environment of transparency, collaboration and information sharing that supports the development of global standards and best practices. https://greyjournal.net/hustle/work-tech/navigating-the-new-challenges-for-fintech-startups-in-a-changing-economic-landscape/