The Evolution of Fintech

Financial technology, otherwise known as fintech, is an innovation that can either help or compete with traditional methods of delivering financial services. As an emerging industry, fintech includes new applications, processes, or products based on technological solutions. FinTech (financial technology) is a catch-all term referring to software, mobile applications, and other technologies created to improve and automate traditional forms of finance for businesses and consumers alike. FinTech can include everything from straightforward mobile payment apps to complex blockchain networks housing encrypted transactions. Modern fintech is primarily driven by AI, big data, and blockchain technology, all of which have completely redefined how companies transfer, store, and protect digital currency. Specifically, AI can provide valuable insights on consumer behavior and spending habits for businesses, allowing them to better understand their customers. Big data analytics can help companies predict changes in the market and create new, data-driven business strategies. Blockchain, a newer technology within finance, allows for decentralized transactions without input from a third party, tapping a network of blockchain participants to oversee potential changes or additions to encrypted data.

Tech-savvy customers, especially millenials, expect money transfer, lending, loan management, and investing to be effortless, secure, and scalable, ideally without the assistance of a person or the visit of a bank. However, with hundreds of different options in the marketplace, it can be overwhelming to figure out which system is the best.  To make this process more streamlined, our team of researchers, analysts, and Editorial team has shortlisted a set of companies that stand out from the crowd. The companies included in the list offer some of the most innovative as well as exclusive solutions that could create an impact in the Fintech sector.