FinTech defined: innovative change at its core
In meeting needs and making lives better, FinTech should change our day-to-day activities, whether in business or personal endeavours
Add BT as a preferred sourceTHE 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 banking and financial services." It is interesting because the most common words that we have come to associate with FinTech have been "innovation" and "disruption," which are missing in this definition.
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