Growth Of Fintech (Infographic)

Fintech, or financial technology, describes a business that is aimed at providing financial services by using modern technology and software.

Nowadays, Fintech affects mostly all industries – from travel companies like Expedia to online casinos and remote workers – but the most direct competition is between banks and purely Fintech services in most areas of the financial sector to sell financial solutions and services to customers. But banks have trouble keeping up with Fintech startups mostly due to regulatory reasons and their internal structures.

Fintech startups realized early that all kinds of financial services – such as lending, investing, money transfer and payments – should seamlessly integrate in the lives of the tech-savvy, sophisticated customers in order to stay relevant in a world where private and business life have become increasingly digitized.