Effects of Fintech on the Financial Industry Technology is not new to the financial sector – be it the introduction of credit cards or the launch of ATMs –the financial industry has always been driven by technology. But none of the technology has ever been as gutsy as ‘fintech’ – a portmanteau of “financial technology.” From utilizing machine learning algorithms to using blockchain technology, fintech has made inroads with dozens of applications designed to navigate the complex, compliance-regulated financial world. It has very easily and very quickly changed the way consumers access their finances. The fintech phenomenon is not new, but it has evolved so quickly that it has successfully caused disruption in the traditional financial industry. In this article, we’ll walk you through some of the technological advances fintech has brought about in the financial world.
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