Fintech is a term used for financial technology. It covers every kind of technology used in financial services whether it is used by service provider or the consumer. All financial transactions which are done using a technology comes under this category, from mobile payments to cryptocurrency. Fintech is also described as the technology which seeks improvement and development for better financial dealing.

Any company which uses mobile apps, internet network, software technology or cloud services to connect with financial services are described as Fintech. Fintech allows the user to invest or borrow without any barrier. Fintech has developed after the global crisis in 2008, consumer started to trust fintech for their safety and easy transactions.

Fintech in just some years have gained so much trust that everyone is using them from consumers to banks. Banks are bringing their own transaction app from which people can do transaction easily. It saves their time and resources. For example if you have to wait for an hour to get your money out of bank it will be a waste of time. Now you can buy and pay for anything online and you do not even need cash for it. Fintech also helps companies and consumers to manage their finances through mobile apps.

Financial technologies has benefitted companies largely. For example purchase in online products have been increased since the fintech technologies are developing and they provide easy cashless transactions. Banks for better customer services are looking up to financial technologies, every bank try to improve their in person service to serve them better. Through Artificial intelligence in fintech companies are trying to simplify complex human activities in finances.

Banks and companies which provide better customer services through fintech saw major increase in the market. It was easier for banks too to have technology to do half of their work. In house transactions or loan approvals take a lot of paperwork. It saves their check approvals and time.

When financial technology providers started their work they were scoffed that their techniques will never work. But when customers were attracted to the new techniques for financial issues banks and companies were afraid of losing business. So with the growth of fintech and time banks and companies started to support fintech by using them in their services too. Every consumer use two to three fintech services and they are more aware of these technologies as part of their lives.

Many online purchasing companies are trying to cut credit card from their services and they provide short term loan for the purchase. This way they are making customers rely on a company even more. Every consumer is not able to use this service, before providing these services a consumer’s data is checked through their purchase history and if that customer is reliable then only they will be provided with this service.

Fintech although are developing but that does not mean they will replace old techniques of financial services. Technology can be trusted for a limited amount of money but if a transaction contains a lot of money it needs a proper look through which can only happen through a human analysis.