With the technical boom has come a plethora of complex terms and jargon that make it difficult to follow the latest trends. For the financial industry, one of the most critical concepts is Fintech. Trying to get an answer to the question “What is Fintech?” can result in a range of convoluted and complex descriptions that don’t actually help you understand what it is, let alone what you need to know to make the most of it in the changing financial realm.
What Is Fintech?
The short answer to the question “What is Fintech?” is that it is a growing financial industry dependent on technology. Investopedia provides a more succinct definition, “Since the end of the first decade of the 21st century, the term has expanded to include any technological innovation in the financial sector….”
The term originated at the end of the 20th century and referred specifically to the back-end (or aspects not visible to the user) transactions for consumers and financial institutions. However, technology has made it easy to conduct a wide range of different services outside of these basic consumer transactions.
And that is part of the problem defining the term. Fintech is constantly changing with technology. At its core though, Fintech refers to any technological business transaction, including (but not limited to) cryptocurrencies, banking, block chain, smart contracts, and digital cash. It is a growing industry that earned more than $17 billion of investments during 2016.
At the end of 2017, things like cryptocurrency (particularly bitcoin) and block chain experienced an unexpected boom. This has caused a completely different look at traditional financial transactions and markets.
A Quick Glimpse at Fintech Users
Fintech users can be anyone, but the most adept users tend to be people who are intimately knowledgeable about both finances and technology. They are the people and startup companies who are shaping the direction that Fintech will take in the future. As it currently stands, Fintech refers to many different types of transactions, but just as Internet companies began to coalesce around a few types of structures and models, Fintech will likely transition to a more stable and well-defined model in the future.
However, that is still quite a ways in the future as financial experts begin to explore all of the possibilities to determine the best ways to implement Fintech across many different industries.
The Fintech Industry Tools
Fintech relies on many different apps and websites to exist. Consumers and businesses access these sites, apps, and investment tools to determine the right move, pay for goods and services, and to invest. Without these tools, many businesses that work only through traditional methods are finding it increasingly difficult to find success.
Globalization has become key for businesses to find success. As the world increasingly moves toward being reliant on Fintech, it is becoming essential to translate these pages to gain traction on a global scale. It is no longer enough to simply offer services and goods to a small group or area. To remain competitive with others within an industry, you need to be able to reach a much larger audience.
Now that you understand what Fintech is, you need to act to ensure that you implement it in a way that will maximize your investments and financial transactions.
The first step should be translating your website and app into multiple languages. This will exponentially increase the number of potential customers for your company.
Reach out to us today to explore ways to get your product translated in a cost effective way.