Fintech or financial technology is a term that is more familiar with finance. Basically, it’s a service that emerged in the 21st century. These services are usually utilized as a back-end support for financial institutions. At the end of the 21st century, the term fintech is more dynamic since more things can be related to its service that includes investment, retail banking, and cryptocurrencies like bitcoin and etherium.
Fintech has always been the catalyst, the disruption that always revolutionized in creating something new. You can even say that it help revolutionize the world and balances it by providing options and competition and for other financial services to keep their feet to the ground. Fintech has so many uses in the financial industry and will always have be something that the financial industry will continue to tap into.
So what is fintech by example? It’s technology really that is used by finance. Take forex, for example, forex is a guesswork and throughout the years there are many tools that were created to help with the guesswork, help analysts see the clearer picture that can help them with their decision on what to do. It’s the program, the AI, the algorithm that people use on their day to day financial transactions, the definition of the future that minimizes risks as far as finance is concerned.
Who uses fintech? Fintech helps manage everyone in an umbrella of data and analytics. Finance is a broad concept and if you specify the people that uses fintech, this article should be based on a book instead. But here’s a good example of a clear picture of who fintech serves:
- B2B (business to business) for banks
- For their business clients
- B2C (business to consumer) for small businesses
- The consumers
It’s all about better decisions: While in mainstream technology is more on the discovery and human advancements, in finance it’s also that, but more importantly, it’s all about helping see the clear picture on things to minimize risks. What to sell, what to buy, gain profit even if the market is losing, an information that helps people see, foresight even to come up with better decisions. Business is a risk but it doesn’t mean that it has to be all that risky if you are provided with all the tools that you need in order for you to see clearer and analyze better, risks are minimized and success is achieved most of the time.
Fintech is a broad concept but it’s no surprise that it helps with the development of many things that help the finance world grow. It’s also the technology that provides a new set of eyes that helps the finance world and the people under its umbrella, like B2B, the business clients, B2C and the consumers. If you are interested to know about a trusted fintech company, Mark Curry fintech company called SOL partners is a great business to start your search. Mark Curry has been one of the names that drive fintech to the forefront of financial support and his new company called SOL partners is doing just that.