Fintech

Fintech combines finance and technology, referring to the field building financial services on technology. Payment apps, transfer services, robo-advisers and internet-only banks all belong to it.

It grew by attacking exactly where traditional finance was inconvenient — turning branch visits into a few seconds in an app, and replacing document-based assessment with data.

Lowering fees was another major change. Cheaper services appeared in areas where banks charged heavily, such as international transfers and currency exchange, forcing incumbents to cut prices too.

It has also widened access. Alternative-data credit scoring opened a path for people excluded by banks for lacking a conventional credit history.

But convenience can obscure risk. Loans execute and trades complete in a few taps, which makes decisions feel lighter. As the friction disappears, you have to supply your own standards. When choosing a service, check whether it is registered with regulators and what deposit protection applies. A polished app does not imply protection.