What is Fintech?

With the emergence of the Internet and technological advancement, the ways of relating and interactions have become faster and more immediate. Both in the knowledge of information worldwide, communication, contact with other people, legal and economic processes.

In the economic field, the big banking companies have had to adapt to the great use of cell phones and gadgets in order to keep in constant contact with the users. It is because of this great use of technology that new companies have begun to create new ways of conducting fast and simple banking operations called “Fintech”.

Fintech is a compound term made up of the words «Finance» and «Technology» and which translated means the use of TICS to speed up economic movements employed by financial services. The idea of ​​Fintech is to shorten processes and in turn provide effective customer service.

Fintech types

There are several types of use implemented in different financial areas between which the mobile web and mobile pages are used.

Transactions through Cell Phones

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Some banks have started to create mobile applications and be able to make transactions faster. This method has been accepted massively and even above traditional banking.

Private financing

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Banking companies have created new platforms where their users can invest money in different businesses, providing advice and monitoring of new projects. Thus they secure their investment and make the company emerge and can collect the lender fee.

Financial advice

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The new technologies have helped to automate the advice to SMEs and startups. With the low costs that they entail, they become an indispensable and accessible tool for these groups, who could not access bank advice for the cost it represents.

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