Fintech is the acronym in English for the words financial technology or financial technology in Spanish. Fintech is the name given to the new financial industry associated with the use of technology. The name fintech defines financial applications, products or services that use the Internet or new technologies in their interaction with users.
Therefore, fintech companies are based on a new way of looking at financial services, associating them with technological innovation. The main utility that fintech companies have is to achieve faster management, as well as more efficient financial operations for users.
The vast majority of existing fintech are small startups specialists in the development of new technologies who act as intermediaries, who have taken advantage of the slowness with which large financial corporations operate when applying technological changes in their processes, to occupy a part of the market.
Fintech examples
Among the operations that can be carried out with fintech companies, the following stand out financial operations and tools.
Mobile Banking
La Bank online It is characterized by unifying the characteristics of traditional banking with new technologies. Fintech companies dedicated to mobile banking have multiple tools to manage personal finances, allowing them to carry out and consult multiple financial operations.
Payment
Fintech companies allow the use of various means of payment through the use of mobile devices or smartphones. Since performing Bank transfers or card payments. Even having an electronic wallet for small amounts of money.
Loans
Among the fintech we find numerous companies dedicated to crowdfunding and crowdlending. These allow you to request financing between individuals and investors through the Internet.
insurance
The insurance sector is another of the market niches in which numerous fintech companies have also been developed. In this area they facilitate and speed up the contracting and comparison of benefits and guarantees between policies.