Maxim Bederov explains what Fintech is!
There are a lot of different terms floating around that most professional investors already know, but if you’re new in the investor sector, then you probably have a lot of questions. One of the most common question I’m asked is, ‘what is Fintech?’
I’m Maxim Bederov, and I’m an entrepreneur and finance professional. I’m going to explain what Fintech is and why you need to learn all about it. If you are planning on getting serious about investments and the financial market, then learning about Fintech is going to be very important for your success.
What Is Fintech?
Financial technology (Fintech) is used to describe new technology which seeks to automate and improve the use and delivery of different financial services. Fintech is used by different companies, business owners, and individuals that are looking to streamline their financial operations. It uses special software and algorithms on computers and smartphone apps.
When the term Fintech first emerged, it was mostly used to describe the back-end systems of established financial firms and institutions. Lately, the term Fintech is being used to describe more consumer-orientated services. It now includes different sectors and industries, including education, retail banking, fundraising and nonprofit, and investment management services.
It’s also used for the development and use of cryptocurrencies such as Bitcoin. While the new crypto-currency may get more of the headlines, the market is mostly dominated by the global banking industry.
What Does Fintech Mean?
Fintech is a very broad term. It could be applied to anything from digital currencies through bookkeeping and the different ways that people transact business. The internet has done a lot to push the financial technology market.
Now, people can run their financial investments from any location in the world with a smartphone and an internet connection. You can sit on a beach in a tropical location and manage your financial investment in-between sipping cocktails and getting a suntan if you like!
Maxim Bederov and Fintech Conclusion
The Fintech startups, which get the most press, all share similar traits. They are designed to threaten or eventually replace the established financial services offered by traditional financial establishments. They are designed to be better, faster, easier, and provide better service to their clients.
Fintech takes the bundled services offered by traditional financial companies and unbundles them to make it easier to pick and choose individual services.
If you would like to learn more about Fintech and how it could benefit you, don’t hesitate to comment or contact me directly.