Fintech, which stands for financial technology, refers to the use of technology in financial services banking to support and enable services and to drive growth.
Fintech was once simply shorthand for financial technology (a portmanteau).
But in 2008-09 in the post financial crisis world, Fintech began to take on a whole new meaning.
The post 2008 world saw the emergence of thousands of start-up technology firms who realised that the old financial services customer loyalties were shattered and that new integrated business models were the future.
Traditional banks now had millions of customers who were demanding new service levels and who for the first time in history were willing to take their business elsewhere.
Spurred by new entrants attacking every part of their business from payments (Paypal) to accounts (Metro Bank, Atom Bank) traditional high street banks were forced to act.
Accenture’s group chief executive Richard Lumb said: “The drive for fintech innovation is spreading well beyond traditional tech hubs.”
What tech do Fintech firms use?
Standard Definition Exists?
Computer programs and other technology used to support or enable banking and financial services.
Year first used/coined: