Financial technology, also known as fintech, is the innovative technology that competes with traditional financial methods to deliver financial services. It is an emerging, disruptive, fast-growth industry that uses technology to improve, and potentially revolutionise, activities and services within finance.
Often fintech companies directly compete with traditional banks, and other companies operating in the financial sector, to sell financial services and solutions to their customers. Fintech organisations have recognised that there is an increasing demand, particularly from millennials, for quick and easy banking services and have created stress-free solution processes that meet this requirement.