Fintech

Extracted Attributes

• Definition

  Application of innovative technologies to financial products and services, aiming to improve, complement, or replace traditional financial methods

• Related Field

  Insurtech (fintech subset for insurance industry)

• Types of Companies

  Startups, established technology firms, established financial firms

• Key Technological Areas

  Artificial intelligence (AI), blockchain, cloud computing, big data (ABCD of fintech)

• Examples of Applications

  Mobile banking, online lending platforms, digital payment systems, robo-advisors, blockchain-based applications (e.g., cryptocurrencies), telematics-based insurance, digital wallets

• Stripe Transaction Volume (2022)

  $817 billion

• Market Revenue Forecast (by end of decade)

  $1.5 trillion

• Global Payment Transactions via Open Banking Forecast (by 2026)

  $116 billion (2,800% increase since 2021)

Timeline

• Stripe processed over $817 billion in transactions. (Source: Web Search)

  2022

• Consumer Financial Protection Bureau (CFPB)'s Rule 1033, strengthening consumer data rights, is due to be finalized. (Source: Web Search)

  2024-12-31

• EU's Digital Operational Resilience Act (DORA) comes into effect. (Source: Web Search)

  2025-01-01

• Global payment transactions facilitated by Open Banking are forecast to hit $116 billion, an increase of 2,800% since 2021. (Source: Web Search)

  2026

• Fintech market revenues are forecast to hit $1.5 trillion. (Source: Web Search)

  2029-12-31

Financial technology

Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Financial technology companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services.

Web Search Results

• What is fintech? 6 main types of fintech and how they work - Plaid

  Fintech is a portmanteau of the words “financial” and “technology”. It refers to any app, software, or technology that allows people or businesses to digitally access, manage, or gain insights into their finances or make financial transactions. [...] A fintech company is any company that offers financial services or applications that rely heavily on technology, such as apps, websites, and APIs. Fintech companies are often industry disruptors, using technology to change how consumers interact with the financial industry. This frequently includes expanding access to financial products, lowering fees, and providing faster, more personalized service. Key differences between fintech and traditional banks: [...] The fintech industry is rapidly growing and constantly changing. Our fintech FAQ will help keep you informed. #### What is fintech? Fintech, short for financial technology, refers to innovative digital solutions that offer financial services, including banking, lending, investments, and payments, primarily online. #### What are the benefits of fintech?Â

• What is fintech and how is it changing financial products

  The word “fintech” is simply a combination of the words “financial” and “technology”. It describes the use of technology to deliver financial services and products to consumers. This could be in the areas of banking, insurance, investing – anything that relates to finance. Although it’s a relatively new word, fintech is actually nothing new. Technology has always changed the financial industry. However the internet, combined with the widespread use of devices like smartphones and tablets, means [...] Examples of fintech ------------------- Fintech is changing the world of finance for consumers in a myriad of ways. For example, you can now open a bank account over the internet, without physically visiting a bank. You can link the account to your smartphone and use it to monitor your transactions. You can even turn your smartphone into a “digital wallet” and use it to pay for things using money in your account. [...] Fintech is also rapidly changing the insurance and investment industries. Car insurance providers now sell “telematics-based” insurance where your driving is monitored using data collected via your smartphone or a “black box” fitted in your car. This data can then be used to determine how much you pay for your insurance policy. In the future, it may be possible to buy insurance on a short-term or “pay as you go” basis.

• 113 Fintech Companies and Startups to Know | Built In

  A fintech company is a company that uses technology to enhance and automate financial services for business and consumer use. ### What is the biggest fintech company? Stripe is one of the biggest fintech companies in operation, processing over $817 billion in transactions in 2022. ### What is an example of a fintech company? Cash App, Chime, SoFi and Venmo are all examples of fintech companies. ### Related Articles Read MoreAI in Banking Examples You Should Know [...] These innovative companies are at the intersection of finance and technology. Image 4: Alyssa Schroer Written by Alyssa Schroer Image 5: four people with overlay of ascending data line Image: Shutterstock UPDATED BY Margo Steines | Mar 26, 2025 Fintech is a booming industry that’s on everyone’s mind, especially investors. [...] But banks aren’t the only financial institutions that have made tech-driven changes. Entire markets — from digital loans and mobile stock services to e-commercepayment platforms and digital currency exchanges — are rooted in digital financial access. To learn more about what the current space looks like, check out these fintech companies and startups. Fintech Companies to Know -------------------------

• Top 10 Global Fintech Companies and Why They Are Special

  Top 10 Global Fintech Companies and Why They Are Special -------------------------------------------------------- As simply as definitions go, fintech is using technology as a driver for the Finance industry's growth by using tech to meet traditional finance needs. Fintech has become a globally notorious subject in this rapidly evolving technological age where everyone seeks ease and time-saving methods of carrying out their daily affairs. [...] This London-based Fintech company is one of the best because it continually innovates. It recently launched a modern technology solution called Intelligent Acceptance. This tool uses advanced AI to help users attain more control and visibility over their payment performance. Checkout.com is currently valued at $11 billion. Download As simply as definitions go, fintech is using technology as a driver for the Finance industry's growth by using tech to meet traditional finance needs. [...] Top 10 Global Fintech Companies and Why They Are Special ======================================================== Image 28 As simply as definitions go, fintech is using technology as a driver for the Finance industry's growth by using tech to meet traditional finance needs. Fintech has become a globally notorious subject in this rapidly evolving technological age where everyone seeks ease and time-saving methods of carrying out their daily affairs.

• Are you ready? Four major Fintech trends for 2025

  The Fintech market is growing rapidly, with revenues forecast to hit $1.5 trillion by the end of the decade, according to Boston Consulting Group, and as it does so, its power to revolutionize financial services continues to develop and evolve. The race to innovate shows no signs of slowing, and banks and credit unions must be agile to seize the opportunities and guard against the threats that disruption presents. [...] With this fintech trend, Open Finance and Open Payments extend the possibilities offered by Open Banking, to open up data sharing on products such as investments, pensions, insurance and mortgages, and make payments more efficient by cutting out many steps in the process. It’s been estimated that by 2026, global payment transactions facilitated by Open Banking will hit $116 billion, having increased by 2,800% since 2021. [...] It looks set to be a busy 12 months on the regulation front. The Consumer Financial Protection Bureau (CFPB)’s Rule 1033, which strengthens consumers’ data rights, is due to be finalized towards the end of 2024. Then, for this fintech trend, January 2025 will see the EU’s Digital Operational Resilience Act (DORA) come into effect, while the FSB aims to review how recommendations for crypto-asset market regulation are being implemented by the end of the year. And that’s by no means all.

• Instance Of

  Q4167410

Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are regarded as the "ABCD" (four key areas) of fintech. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies designed to make financial services more accessible to the general public. Fintech companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies. A subset of fintech companies that focus on the insurance industry are collectively known as insurtech or insuretech companies.