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Emerging technologies—including crypto—are disrupting traditional financial products and services. Here’s an intro to the world of fintech.
As banking and finance entered the 21st century, the evolution of computer technology helped the industry adapt and automate. Fintech—an abbreviation of “financial technology”—is a catch-all phrase that refers to financial products and services that leverage technology to improve their offerings as well as the customer experience. In Canada, the fintech space includes payments, lending, investments, insurance, banking and other financial sectors.
Fintech has slowly become an industry in its own right, with both business-to-business and consumer-facing applications. From payment apps to investment management, there is a fintech service for every imaginable financial product and service. Fintech includes the crypto economy, which has revolutionized financial services like payments, investments and lending through decentralized finance (DeFi).
Example: “Seema explained to her parents that the reason they hadn’t heard of her bank is because it’s not one of the Big Five banks in Canada, but a smaller one in the fintech space.”
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