When we look at the financial landscape, it is no wonder that the term “fintech” – or financial technology – has become so popular. Fintech is all about making traditional and new financial services more accessible using software, including mobile applications. It has become second nature for most people to use money apps like Venmo or Coinbase, and there is a growing list of digital payment options that make it possible to pay without cash. In addition, consumers manage their finances digitally with trading and investment apps, account management tools and even get loans and credits via apps that have streamlined the process. More info https://agrtech.com.au/glossary/fintech-financial-technology/

Another important component of fintech is blockchain — a distributed ledger system that offers an immutable and secure way to record, store and share information. Blockchain is expected to be used in a number of different areas, from payments and settlements to identity verification and lending.

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There is also a growing trend of “boot camps” that offer courses in coding and other skills needed to work in fintech. Many colleges have also started to offer a bachelor’s degree in finance and fintech, which can be a more efficient alternative for students who want to pursue this exciting career. In terms of long-term growth, McKinsey predicts that fintech will continue to grow at a rate three times faster than the banking industry overall. This growth will be driven by the rapid rise of fintech companies in emerging markets, particularly in Africa, Asia-Pacific and Latin America.