Fintech is a term used to describe financial technology.
The word "fintech" refers to new technology that strives to improve and automate financial service delivery and consumption.
Fintech, at its most basic level, is the application of specialized software and algorithms to assist businesses, business owners, and individuals in better managing their financial operations, procedures, and lifestyles via computers and, increasingly, smartphones. The terms "financial technology" and "financial innovation" are combined to form Fintech.
The term "financial technology" may be used to any advance in how individuals conduct business, from the advent of digital money to double-entry accounting. Fintech, which initially referred to computer technology used to the back office of banks or trading organizations, has expanded to include a wide range of technological interventions into personal and commercial finance since the internet revolution and the mobile internet/smartphone revolution.
Money transfers, depositing a check with your smartphone, avoiding a bank office to apply for credit, acquiring cash for a company start-up, and monitoring your assets are all examples of fintech today. According to EY's 2017 Fintech Adoption Index, one-third of customers utilize two or more fintech services, and these customers are becoming increasingly aware of fintech as a part of their everyday lives.