{"id":260622,"date":"2024-03-11T05:27:04","date_gmt":"2024-03-11T05:27:04","guid":{"rendered":"https:\/\/imarticus.org\/blog\/?p=260622"},"modified":"2024-03-11T05:27:04","modified_gmt":"2024-03-11T05:27:04","slug":"how-fintech-is-rewriting-the-rules-of-banking-and-finance-a-closer-look","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/how-fintech-is-rewriting-the-rules-of-banking-and-finance-a-closer-look\/","title":{"rendered":"How FinTech is Rewriting the Rules of Banking and Finance: A Closer Look"},"content":{"rendered":"

Welcome to the transformative world of <\/span>FinTech<\/b>, a fusion of <\/span>finance and technology<\/b> that's reshaping how we save, spend, and invest our money.\u00a0<\/span><\/p>\n

Forecasts indicate a notable upward trend for the fintech sector, anticipating a substantial expansion to a noteworthy market valuation of <\/span>$492 billion<\/span><\/a> by 2028, propelled by a CAGR of 16.8%.<\/span><\/p>\n

Gone are the days of standing in long queues at the bank; <\/span>Financial Technology<\/b> has brought the bank to our fingertips. But how exactly is this digital revolution changing the banking and finance landscape? Buckle up as we dive into this fascinating journey, exploring the nuts and bolts of FinTech and its profound impact on traditional banking and financial services.<\/span><\/p>\n

What is FinTech?<\/b><\/h2>\n

FinTech stands for \"financial technology.\" Initially perceived as a tech-savvy counter-cultural movement aimed at challenging the stringent regulations and entrenched resistance to change within traditional banking and lending, FinTech primarily referred to the backend processes involving server setups and software applications for conventional banking institutions' front ends. The objective was to streamline the process of sending and receiving money.<\/span><\/p>\n

Defining FinTech has become more complex today due to its expanded scope and the proliferation of financial technology solutions. However, the fundamental principle remains unchanged: FinTech leverages technology to disrupt the conventional financial services sector.<\/span><\/p>\n

In essence, FinTech serves as an ever-evolving umbrella term encompassing businesses that utilize technology to automate, transform, or enhance financial services for both businesses and consumers.<\/span><\/p>\n

\"Fintech<\/p>\n

What is the role of FinTech in banking?<\/b><\/h2>\n

Future of banking with FinTech:<\/b><\/p>\n