Did you know!

• Goldman Sach has estimated the net value of Fintech at 4.7 trillion.
• Worldwide 12K Fintech startups have started.
• 84% of Americans have been using Fintech regularly since 2016.

Fintech is ruling the world and is one of the most promising industries with a CAGR of 23.41%, from 2021 to 2026, as per Market Data Forecast. Thus, it is essential for any businessman dealing in financial institutions to have a sound knowledge of Fintech.

To understand how Fintech will change banking, we need to understand what it is and what it isn’t. Fintech, or financial technology, refers to any technology that uses information systems to facilitate financial services in some way or another.

Since the birth of the internet itself, it’s been around when banking services started offering online versions of their tools and services that can be accessed from anywhere with an internet connection and a computer, rather than requiring users to visit one of their branches physically.

Banks have dominated finance for centuries, but these firms—with names like Zelle, Venmo, and WePay—are redefining what it means to the bank. No longer reserved for their brick-and-mortar locations, customers can access their money from anywhere.