Introduction to Fintech
Fintech stands for Financial Technology. When finance collaborate with technology for better products and efficient processes, the term Fintech is used in general sense. It is being used as a noun to address start up associated with Fintech and as a verb. There is no proper definition of Fintech since the term is evolving within its scope and has extended itself from banking to other activities like insurance, mutual funds and personal finance management. Why so much hype around Fintech? Rise and doom of any company or industry is based on simple rules of demand and supply. The demand factors associated with Fintech services are driven by the consumers. Supply factors have mainly been from banks earlier and technology giants, Fintech start-ups nowadays. Let’s understand the trigger points of these demands and newly generated supply of these services. Demand trigger points The younger generation today has grown up in the era of accelerated growth of technology. Early introduc...