Fintech is a new field in business and there is no generally accepted definition for it. In
terms of business, fintech can be defined as a new financial industry built on the latest IT
data collection and processing technologies. In terms of the products applied, fintech means
new apps (including mobile apps), business processes and models used primarily in the
financial sector.
Fintech technologies use the latest scientific advances in big data collection and
processing, AI, robotics, distributed
ledgers, cloud technologies, biometrics and mobile technologies. Nowadays, fintech
is most widely used in the financial sector. However, similar technologies also can boost
efficiency of business processes in any company. The team of our outsource fintech
development company has extensive experience in such developments and offers outsourcing of
fintech project development.
Interest in fintech products arose in 2014, when banks began developing their own apps and mobile services, while modernizing traditional
products. Today, every third bank customer uses at least one financial app. At the same
time, fintech startups with fresh ideas started to emerge. Their work was more agile
compared to conventional bankers and they were not afraid to experiment with money and be
closer to the ordinary people. So the market of financial and technology apps and services,
including mobile ones, began to grow.
In the business environment, there is an opinion that technology startups can replace
financial institutions. However, economists believe this idea is questionable, because
startups are not motivated to engage in lending. These companies would rather enter into
more partnership agreements, which will allow them to garner people’s attention. Users
already are accustomed to the reality that all actions can be done automatically by
pressing a single button.
The partnership of the two previously independent areas is highly mutually beneficial.
Financial experts and bankers have clientele, access to big capital and the ability to work
in a highly regulated legislative field.
