Fintech, a portmanteau for “financial technology”, refers to software, algorithms and applications for both computer andmobile-based tools. In some cases, it includes hardware, too—like smart, connected piggy banks or virtual reality (VR)trading platforms. Advances in the fintech sector allow consumers to have unprecedented insights, control, and optionswith the management of their finances.
Fintech platforms enable run-of-the-mill tasks like depositing checks, moving money among accounts, paying bills orapplying for financial aid. They also encompass technically intricate concepts like peer-to-peer lending or cryptoexchanges. Fintech has use cases across nearly every industry, geographical market and business model.