Financial Technology
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A Financial Technology is an industry-specific information technology that is a financial service technology that can support financial service tasks.
- AKA: FinTech, Fintech, Financial Tech, Digital Financial Technology.
- Context:
- It can typically enable Financial Technology Service Automation through financial technology algorithms.
- It can typically facilitate Financial Technology Digital Transactions through financial technology platforms.
- It can typically improve Financial Technology Service Accessibility through financial technology interfaces.
- It can typically reduce Financial Technology Transaction Costs through financial technology efficiency optimizations.
- It can typically enhance Financial Technology Data Analysis through financial technology analytic systems.
- It can typically accelerate Financial Technology Processing Speed through financial technology infrastructure.
- It can typically democratize Financial Technology Service Access through financial technology mobile solutions.
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- It can often support Financial Technology Mobile Services through financial technology applications.
- It can often integrate AI-Powered Financial Technology with financial technology systems.
- It can often utilize Blockchain-Based Financial Technology for financial technology security.
- It can often provide Financial Technology Real-Time Processing through financial technology infrastructure.
- It can often enable Financial Technology API Integration through financial technology interoperability standards.
- It can often facilitate Financial Technology Cross-Border Transactions through financial technology networks.
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- It can range from being a Simple Financial Technology to being a Complex Financial Technology, depending on its financial technology sophistication level.
- It can range from being a Consumer-Focused Financial Technology to being an Enterprise-Focused Financial Technology, depending on its financial technology target market.
- It can range from being a Traditional Financial Technology to being an Innovative Financial Technology, depending on its financial technology disruption level.
- It can range from being a Regulated Financial Technology to being an Unregulated Financial Technology, depending on its financial technology compliance requirements.
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- It can integrate with Banking System for financial technology banking services.
- It can connect to Payment Network for financial technology payment processing.
- It can interface with Regulatory Compliance System for financial technology compliance tasks.
- It can communicate with Credit Bureau for financial technology credit assessments.
- It can synchronize with Investment Platform for financial technology investment services.
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- Example(s):
- Financial Technology Categories, such as:
- Banking Technologies, such as:
- Payment Technologies, such as:
- Lending Technologies, such as:
- Investment Technologies, such as:
- InsurTech Solutions, such as:
- RegTech Solutions, such as:
- Financial Technology Evolution, such as:
- Early Financial Technology (1960s-1980s), characterized by financial technology mainframe systems and financial technology electronic fund transfers.
- Internet-Era Financial Technology (1990s-2000s), characterized by financial technology online banking and financial technology e-commerce.
- Mobile Financial Technology (2010s), characterized by financial technology mobile apps and financial technology digital wallets.
- AI-Driven Financial Technology (2020s), characterized by financial technology machine learning and financial technology automation.
- Financial Technology Companies, such as:
- PayPal, providing financial technology payment solutions.
- Square, offering financial technology merchant services.
- Stripe, delivering financial technology payment infrastructure.
- Robinhood, enabling financial technology retail investing.
- Coinbase, facilitating financial technology cryptocurrency exchanges.
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- Financial Technology Categories, such as:
- Counter-Example(s):
- Government Technology, which focuses on government service technology rather than financial technology services.
- Civic Technology, which addresses civic engagement technology rather than financial technology transactions.
- Healthcare Technology, which provides healthcare technology solutions rather than financial technology solutions.
- Education Technology, which delivers educational technology platforms rather than financial technology platforms.
- Traditional Banking System, which relies on manual financial processes rather than financial technology automation.
- See: BFSI Company, Banking Industry, Financial Service, Digital Transformation, Financial Innovation, FinTech Company, Financial Platform, Payment System, Digital Banking, Alternative Finance, Financial API, Open Banking, Financial Inclusion, Regulatory Technology, Cryptocurrency, Blockchain in Finance.
References
2016
- http://techcrunch.com/2016/06/05/fintech-outlook-for-2016
- QUOTE: … The following categories illustrate how our team looks at the startups trying to change the financial markets:
- Banking tech (analytics, data management, CRM, security)
- Payments (mobile wallet POS, P2P money transfer, payment solutions)
- Cyber currency (blockchain, bitcoin, digital wallets, cryptocurrency exchange)
- Business finance (P2P business lending, credit lines, crowdfunding)
- Consumer finance (P2P lending, robo advisors, personal finance, credit assessment)
- Alternative cores (digital banks, alternative health insurance, alternative property)
- … We believe the two biggest long-term opportunities for startups are in replacing the banks and insurance institutions themselves. With new technologies, such as artificial intelligence and better data analytics, coupled with changing consumer mindsets, such as the growth of mobile smartphones and millennials hating traditional banks, these industries are ripe for disruption.
- QUOTE: … The following categories illustrate how our team looks at the startups trying to change the financial markets:
2015
- (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/Financial_technology Retrieved:2015-7-6.
- Financial technology, also known as FinTech, is a line of business based on using software to provide financial services. FinTech companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.
Global investment in FinTech more than tripled to $4 billion in 2013 from $930 million in 2008. The nascent FinTech industry has seen rapid growth over the last few years, according to the office of the Mayor of London. Forty percent of London's workforce is employed in financial and technology services.
In the Asia Pacific region, the growth will see a new FinTech hub to be opened in Sydney, Australia, in April 2015. There is already a number of strong FinTech players like Tyro Payments, Nimble, Stockspot, Pocketbook and SocietyOne in the market and the new hub will help further accelerate the growth of the sector. A FinTech innovation lab is also being launched in Hong Kong to help foster innovation in financial services using technology.
- Financial technology, also known as FinTech, is a line of business based on using software to provide financial services. FinTech companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.