Financial Technology Industry

The financial technology industry, commonly called fintech, applies new technologies to products and services across the financial industry. It encompasses a wide range of technological tools including mobile banking, online lending platforms, digital payment systems, robo advisors and blockchain based applications such as cryptocurrencies. The industry traces its lineage through earlier financial technology innovations such as the automated teller machine and the credit card, and has grown into a distinct sector with its own revenue models, competing with and increasingly integrated into traditional banking and financial services.