Financial technology, also known as FinTech, is the new technology replacing the traditional financial methods in delivering financial services. With technology, the general public has more access to financial services. The utilization of smartphones in mobile banking and investing are good examples.
Financial Technology Companies are inclusive of start-ups and established financial and technology companies. The term FinTech can be better understood as the new financial industry that employs technology to develop financial activities. The term refers to the business models or products, new applications, processes and products in the financial services industry.
Insurance, trading and risk management are automated with Financial Technology. Services are provided by various independent service providers and one licensed bank or insurer. Open APIs facilitate the interconnection and regulations such as the European Payment Services Directive provide the support. Finance is a sector that is prone to disruption by software since it is based on information and not physical goods. In financial systems, block chains have the capacity to decrease the transaction costs.
Fin Tech companies always fall under the suspicious eye of financial regulators. Sensitive information such as the consumer and corporate financial data calls for fortification against threats of hacking, thus data security is another matter that draws the attention of financial regulators. With the advent of the cloud technology, global FinTech companies are meeting the stringent compliance regulations with cloud solutions. In addition to this, the finance industry is vulnerable to the distributed denial of service extortion attacks.
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