The term ‘fintech’ (or FinTech) is an abbreviation of ‘financial technology’ and it means a new technology or innovation that aims to compete with traditional financial methods in the delivery of financial services.
A mobile application must be perfectly integrated with many platforms. Fintech focuses on many sectors, which means that particular applications can be designed for customers seeking varied solutions.
Fintech applications are enjoying quick growth with the time spent by users on business and finance apps growing 30% a year. Currently, they constitute almost 10% of all available applications in Apple AppStore and this trend is growing as the interests in this branch reaches its peak. After all, fintech is one of the hottest topics in business magazines and during finance conferences, attracting both future startup owners, investors, and regular banks.
Fintech is on a quest for simplicity. The highly functional and advanced Fintech services allow the uninformed users to perform their financial operations differently. However, the quest for simplicity is not only supposed to make the service problem-free, but it also aims to streamline the entire purchase process. Smooth implementation processes, thanks to new technology, make the applications based on Fintech more enjoyable and equipped with a greater range of possibilities.