Fintech is the abbreviation for Financial Technology. It is a blanket term that encompasses a wide range of new technologies in the financial sector.
The word “fintech” was first coined in the year 2000 by the company Wired magazine, when they published an article with a headline of “The Fintech Revolution.” The term refers to technology and software that help banks and financial institutions improve their services which include payment systems, cybersecurity, ATM networks, debt collections, and more.
In recent years, Fintech has been growing exponentially because of three primary reasons: globalization, digitizing money and greater consumer access to online services.
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