The Fintech Revolution

Fintech is the term coined by the words Finance and Technology. This basically defines companies that use cloud based technology so that the economy can access technological innovation, retail banking, investments and even concepts such as crypto currency. Fintech was initially built for trading or banking firms but now it is varied among personal and commercial finance. A lot of machine learning and artificial intelligence has gone into building this technology.

The biggest advantage of using Fintech is the speed at which you can make your transactions. While it takes years for a firm to establish and begin a new sort of service, Fintech companies can spring out of nowhere because there is room for innovation and improvisation.

Fintech is considered what is known as ‘Disruptive Technology’. The more this technology disrupts ad challenges itself, the more intelligent it becomes. To name a few, software such as RegTech and InsurTech that work with machine learning and artificial intelligence to provide quicker efficiency in financial compliance. There are platforms such as RoboAdvisor that use financial algorithms to automate investment advice. We have technology such as Smart Contracts and Accelerators which are computer programs that are used to automatically execute contracts between buyers and sellers and programs used by financial organizations to mentor Fintech startups. There are several others such as Blockchain and Bitcoin too. This is not a limited field and is now growing into career outreach as well.

So in conclusion, Fintech is changing how we purchase goods, it’s changing the way you transact, it’s not driving traditional banks into the ground but it’s supporting their business but this change is here to stay.