If you’re still asking yourself, “Exactly what is fintech?” here’s a breakdown.įintech is a portmanteau for “financial technology.” It’s a catch-all term for technology used to augment, streamline, digitize or disrupt traditional financial services.įintech refers to software, algorithms and applications for both desktop and mobile. According to the report, 3 out of 4 consumers had become users of money transfer and payment solutions.Īs with many emerging technology sectors, fintech can be an ambiguous concept due to the sheer breadth of tools, platforms and services that fall under its yawning umbrella. Ernst & Young’s latest Global FinTech Adoption Index shows nearly two-thirds (64%) of the world’s population was using fintech applications in 2019, up from 16% in 2015. When it was time to head home, you hopped in an Uber and paid for the ride with a stored credit card-or even in Bitcoin.Įven if you don’t realize it, fintech is likely a big part of your personal and professional day-to-day. Later, you tapped your phone at the bar to pay for a drink. At dinner, you and your friend split the tab using Venmo.
You checked Mint to gauge your monthly entertainment budget. You deposited your paycheck by snapping a photo on your smartphone and uploading it using your bank’s mobile app.
In those less socially distanced days, fintech was the unsung hero of your Friday night. Think back, for a moment, to your pre-Covid-19 life.
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