“Fintech” is short for financial technology, a catch-all term for mobile wallets, debit cards, cryptocurrency, and other tools that have made transacting money faster and easier than ever.
While the abbreviated term “fintech” has only recently come into vogue, financial technology itself has been around for much longer. However, today’s fintech is quite different from the financial technology of yesteryear. Perhaps most importantly, it’s much more accessible to the consumer.
Old fintech was relegated to the back rooms of banks and insurance companies, where financial managers sought to increase the speed of financial analysis and transactions with huge computer terminals. The technology was hulking, but mostly invisible.
Today, fintech is in the palm of nearly every consumer’s hand. It has left the back room and reached the front register.