What Is Fintech?

Fintech is an industry that applies technological tools to improve monetary processes and create new applications, services or business models. It includes a broad range of technologies that can be used in the financial sector such as cryptocurrency management and trading, blockchain technologies, open banking, insurtech, Robo-advisement, machine learning and data mining applications and cybersecurity. Students will gain skills, knowledge and professional training that allow them to pursue careers in finance, technology and entrepreneurship such as investment banking, wealth management, international finance, commercial banking, credit analysis, lending and sales and trading.

It’s important to note that while people associate fintech with cutting-edge, innovative concepts, it is actually an evolution of a broad category of applications, many of which are surprisingly mundane. They include the use of technology to streamline back-office functions, improve customer experience and automate more traditional, consumer-facing activities such as credit card processing and mortgage approval.

For example, some of the most significant advances in fintech involve P2P platforms that connect borrowers and lenders directly without the involvement of banks or other institutions. These businesses have expanded access to capital while also helping to reduce the overall cost of borrowing. They’re a great example of how new tech is transforming a system that has been around for centuries. The global financial crisis was a powerful reminder of the importance of interconnections and digitization in the modern world. It was this fundamental shift that made the US real estate bubble and subsequent crash possible, and it is this shift that will continue to drive the development of fintech into the future. https://greyjournal.net/hustle/work-tech/navigating-the-new-challenges-for-fintech-startups-in-a-changing-economic-landscape/

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