Financial Technology [FINTECH] is used to describe a new technology that tries to improve and make delivery of and use of financial services automatic.
FINTECH is made use of, to help companies, business owners and consumers for them to be able to manage their financial activities and lives by making use of specialized software that are used on computers and increasingly, smartphones.
When FINTECH emerged in the 21st century, the term was initially applied to the technology employed at the back end systems of some financial institutions. Since then, there has been a change to more consumer-oriented services.
FINTECH now includes different sectors and industries such as Education, non-profit investment, etc.
FINTECH also includes the development and use of cryptocurrencies such as bitcoin. In a wide manner, the term ‘Financial Technology’ can apply to any innovation in how people transact business from the invention of what is known as digital money to double-entry book-keeping.
FINTECH has not been made known in the writing of financial operations such as money transfer through the use of mobile phones, the position of money with a smartphone and many more.
As we have entered into a New Year it is now high time for us to recap 2022 outcomes, review market activity and expert predictions for 2022, to tailor the strategy accordingly.
Fintech has always relied on and co-evolved with technology. Finance, after all, is a social technology based on a system of recording assets and liabilities (credit and debit) that has developed through a series of introductions from coins to bills of exchange, double-entry, bookkeeping etc.
Fintech startups are using cybersecurity technology in even more innovative ways, such as using blockchain to create a massive form of information storage. Multi-cloud data storage, secure access edge [SASE], and decentralisation are other noteworthy cybersecurity advancements in the field of the tech sector.