FinTech defined: innovative change at its core

THE term "Financial Technology," or "FinTech," has been bandied around the financial sector of late. The proliferation of FinTech companies has led to many in the industry struggling to define it.

After all, banks and financial institutions have operated with, used and advanced technology for a while. It seems that there are as many definitions of "FinTech" as there are financial services companies employing any form of technology, so how can we truly define the term and what it encapsulates?

Interestingly, the Oxford dictionary - the go-to source for our English lexicon - defines "FinTech" as "computer programmes and other technology used to support or enable…