Financial technology

Financial technologies (FinTech) are technologies which people use in financial services to help companies manage the financial aspects of their business. Nowadays fintech is the basis for all online transactions – money transfers, loans and more. Many technology startups and large organizations that try to improve financial services are considered to be a part of fintech.

Or Fintech refers to the integration of technology into services offering by financial companies so as to improve their use and delivery to their consumers.

FinTech refers to new applications, processes, products or business models in the field of financial services that are provided through the Internet. Services may be provided by different independent providers at the same time. Usually it includes at least one licensed bank or insurance company. Their interaction is often regulated by special laws and regulations, such as the European Payment Services Directive.

FinTech companies are special because of the ability to create innovations.