FinTech is short for Financial Technology, and you’ve probably used it before. It’s becoming increasingly prevalent as the world shifts to doing most business online. But do you know what it is, or what it can do?
Any software used in the finance sector that makes it easier to provide services can be considered FinTech, making it a very broad category of technology. But it’s also one that has facilitated access to funds for millions of people and businesses around the world that might not otherwise have been able to get them, making it revolutionary.
And with FinTech’s broad nature, the field is only growing. The number of FinTech companies is constantly expanding due to the seemingly limitless opportunity available, but it’s still making access to money easier and cheaper than ever before.
That makes FinTech deeply valuable for any business from SMBs to enterprise-level corporations.
Watch this explainer video as we break down FinTech and show everything you need to know about what it is, and how it impacts you:
About Buzzwords
The Buzzwords series breaks down popular business and technology topics in short, easy-to-understand videos. Each video examines a new trend, why it might be worth incorporating in your company, and how to go about doing so. Watch the full series here.
Video transcript
Hi, I’m Buzz the Bee, and I’m back with Buzzwords, the series dedicated to breaking down the IT industry’s latest trends.
Today, we’ll be covering FinTech.
You might be wondering “what IS FinTech?” FinTech is an abbreviation, short for Financial Technology, and it refers to emerging, disruptive software within the finance sector that facilitates services through digital means. If you’ve ever paid a bill online, donated to a GoFundMe, or traded stocks through RobinHood, you’ve used FinTech!
It’s been revolutionary for helping people access money, even when they live in remote areas. It also makes transactions faster and cheaper, so it’s simple to send money around the world.
There are some challenges when using FinTech, though. Since it’s mostly online, it’s difficult to be sure your personal information is secure. And if you do get scammed or your account gets hacked, it can be harder for authorities to recover the stolen funds since they’re not as easily traceable.
If you think the benefits of using FinTech outweigh the risks, consider partnering with a cybersecurity company who can provide you with the most up-to-date and innovative protection measures.
Well, that’s the buzz on FinTech. To learn more, head over to impactmybiz.com/buzzwords, and stay tuned for the next video. Have a bee-utiful day!
