The term FinTech is an abbreviation of “financial technology.” It refers to the technological transformation in the financial sector. It is a growing field and a wide range of businesses, from start-ups to established companies, are adopting FinTech.
FinTech is innovative and aims to streamline both businesses’ and customers’ financial activities through technological automation. A few examples of financial technologies are data science, machine learning algorithms, cryptocurrencies, and blockchains. These advancements can enhance the speed, safety, value, and inclusivity of financial processes.
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