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Fintech

What is Fintech?

Fintech is an abbreviated version of the term “Financial Technology” and generally represents the field of technological innovations applied in practice concerning the provision of various financial services, such as payment services, banking, investment services, or insurance. These technologies enable the creation of new business models, applications, processes, or products, as well as the enhancement of existing products and services by increasing their accessibility, customization, and reducing associated costs.

A financial innovation refers to a new approach in the field of finance based on technology that can lead to the emergence of a new business model, a practically applicable solution, process, or product, which can have a significant impact on financial markets, institutions, and the provision of financial services. A business entity that applies financial innovation in its operations is known as Fintech.