Financial technology (Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones. Fintech, the word, is a combination of "financial technology".
FinTech is empowering consumers to take charge of their financial lives, leading to much greater financial literacy than ever before. It’s tearing down the old silos and helping to advance the consumers’ financial situation and outcomes by leveraging advanced technology.