FinTech, which is short for Financial Technology, is the word used to describe new technology that is developed to automate and improve the financial and banking services sectors. Typically delivered through different algorithms and software packages on computers and smartphones, FinTech looks to help corporations, business owners, and consumers facilitate and manage their financial operations and needs.
Lines of business that have been disrupted by FinTech include lending, personal finance, international money transfers, equity finance, consumer banking and insurance, among others.