Fintech has become an essential tool for virtually every business and consumer.
From “solopreneurs” and vendors at farmers markets to massive public companies, businesses of all kinds and sizes are taking advantage of new tools that help them do business faster and more securely than ever before.
Some of the most visible examples of fintech include credit card readers that plug right into mobile phones and peer-to-peer apps that allow friends to transfer money or split expenses.
Fintech also extends into more traditional areas, such as lending. For example, some people are turning directly to fintech tools for short-term loans and mortgages. Even with low or no credit, some borrowers can get microloans from fintech providers at better rates than banks or other lenders can offer them.
Other examples include low- or no-fee stock-trading platforms, online insurance companies, and offerings from traditional banks that are trying their own approaches to fintech.