An introduction to FinTech

Abstract

The world is full of innovation. The speed at which technology has altered the world has been truly astounding, and it appears as though the changes will never end. Along with significant advancements in computer technology, manufacturing, and telecommunications, the new technologically advanced period also had an impact on the financial sector. For individuals with the necessary skills and expertise, FinTech is a burgeoning industry with several job prospects. It is a catch-all phrase used to describe how an industry has progressed in which new technology use-cases are created and implemented to streamline more conventional-looking finance activities. It functions by disentangling these companies' products and opening up new markets. The creation and application of cryptocurrencies like Bitcoin and Dogecoin also fall under the umbrella of FinTech. The newest financial technologies operate hedge funds and handle credit cards using blockchain, machine learning algorithms and data science. The purpose of this chapter is to provide conceptual information about FinTech and its various platforms, factors driving the rise of FinTech, significance of FinTech, opportunities and challenges facing FinTech companies and governmental programs fueling FinTech.