With the digital transformation and the increasing use of modern and mobile applications, products and services, digital finance solutions are gaining in popularity.
FinTech stands for Financial Technology, representing any technology for financial services for more efficient solutions to improve financial efficiency.
Furthermore, technologies like RegTech (regulation-related technology), InsurTech (insurance-related technology) or PayTech (payment-related technology) belong to the term “FinTech”.
The financial sector includes established financial institutions as well as start-ups and neo-banks (also challenger banks). Thus, the term FinTech is also used to describe young financial technology companies with digital business models - FinTech refers to both the technology and its provider.