Fintech : Financial technology
Financial technology is a modern technology that has rapidly emerged like other Future technologies, and as it is called, it is related to financial matters and technology, and this term was derived from the words finance and technology
What is FinTech?
Financial technology is concerned with any use of technology in financial matters, including improving and automating financial services and operations, and this modern technology targets individuals and companies alike, examples of which are:
- Banking services via smartphones
- Insurances on financial amounts
- Applications of cryptocurrencies
But does this mean that traditional Phnom financial activities will cease in reality? The answer is no. Traditional banks support this technology that facilitates some banking transactions for them and their customers, but while keeping their traditional activities for customers who wish to do so and prefer to use traditional financial services. Traditional banks seek to provide the best services and facilities to their customers, so they keep pace with this modern technology to serve customers who care about technical matters and practice them in their lives.
The traditional banks ’support for this technology contributed to its rapid growth and spread around the world.
Technology and the Financial sector
If you have heard of the FinTech tinker recently, this does not mean that this technology is modern, as technology has been in the financial sector since the 1950s, at that time credit cards and then ATMs appeared, and the growth of financial technology applications increased very quickly in recent times.
The financial technology sector is a rapidly growing sector and it is one of the fastest-growing technology sectors due to the activity of FinTech companies that are keen to innovate in many financial fields, especially financing fields, such as loans, mortgage, payments, underwriting, stock trading, and others.
How do FinTech companies work?
Financial technology depends on a set of modern technologies, namely: artificial intelligence, big data, and blockchain technology. Companies are working to integrate these technologies into traditional financial sectors to facilitate their work and provide fast services to customers with higher efficiency and safer.
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