What exactly is Fintech? – Definition and Meaning

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Fintech can be a mixture of two words namely “Finance” and “Technology”. Completely, stage system Financial Technology. It is caused by technology innovations in the financial industry. Put differently; it describes the convergence of finance and technology – or ways in which technology is improving access to finance, from paying, currency, peer to look lending and in many cases wealth management.


The year 2008 was the dawn of the major evolutionary alteration of the financial technology industry. This is attributable to the collapse of the unsustainable banking system that took way too many risks rolling around in its quest for profits. Lehman Brothers were bankrupted, swiftly accompanied by emergency rescue offers to save major street names for example HBOS, Merrill Lynch, AIG, Royal Bank of Scotland and Alliance & Leicester.

This crisis showed the ability to do things differently. Previously financial technology have been an in-house enterprise to the banks. The development of bank cards in the 1950’s, ATM’s in the 1960’s and electronic trading and investing in the 1970’s were all driven internally by major players in the banking industry.

The failure in the banking system gave rise into a large number of financial technology upstarts. Modern businesses that planned to see change and even more importantly remove traditional barriers how the banking system had built. This rise in financial technology was quickly labelled as fintech.

Fintech covers an enormous spectrum of innovation. Digital wallets, peer-to-peer lending, crowdfunding, micro-loans, insurance and infrastructure are simply a few locations individuals are seeing room for innovation and disruption to conventional methods.

This rapid growth has created an excellent financial technology industry and several Fintech online. Because of the great number of businesses that come under the umbrella of fintech it’s hard to put a defined figure on the global worth of this industry. Thankfully KPMG develop a quarterly report called ‘The Pulse of Fintech’. This allows a global analysis of the latest investments in the fintech industry. Their latest report states that global purchase of fintech companies reached an impressive $24.7 billion in 2016, spread across 1076 deals.

To find out more, check this out article on “what is fintech ?”
http://www.techbullion.com/what-is-fintech/