You may have heard the relatively new term “FinTech” bandied about, but what actually is it? And why is it important for all entrepreneurs to know about and understand?
FinTech stands for Financial Technologies, and in its broadest definition, that’s exactly what it is: technologies used and applied in the financial services sector, chiefly used by financial institutions themselves on the back end of their businesses. But more and more, FinTech is coming to represent technologies that are disrupting traditional financial services, including mobile payments, money transfers, loans, fundraising, and asset management.
Date: October 16th, 2020
- Although this article is over 3 years old I have posted it because FinTech is something that should be covered, at least the basics, in every Intro to MIS class. One of the important things to discuss is “what is FinTech”?
- How has the global COVID-19 pandemic hastened the arrival of FinTech?