Financial technology, also known as FinTech, is an industry composed of companies that use new technology and innovation with available resources in order to compete in the marketplace of traditional financial institutions and intermediaries in the delivery of financial services.Financial technology companies consist of both startups and established financial and technology companies trying to replace or enhance the usage of financial services of incumbent companies.
After reviewing more than 200 scholarly articles published over the past forty years which are referencing the term Fintech, professor Patrick Schueffel of the School of Management Fribourg derived the following definition: “Fintech is a new financial industry that applies technology to improve financial activities”. Irene Aldridge and Steve Krawciw note several areas of Fintech proliferation, including automation of insurance, trading and risk management, just to name a few.
Source : Wikipedia
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