You've probably heard about it, but do you know what the new buzzword 'fintech' actually is?
Here are a few quick facts about the new global technological movement:
Fintech stands for Financial Technology - at its core, it aids companies and consumers in terms of better management over their financial operations, processes and lives by utilising specialised software and algorithms that use on smartphones and computers.
Fundamentally, it works by unbundling offers and creating new markets for them.
Whilst fintech is often associated with the global banking industry, it also includes the development of cryptocurrency.
Fintech investment in the UK has reached a whopping $2.9 billion in the first of the year alone.
London is Europe's fintech capital, with 53% of European deals taking place here.
Startups (of which there are over 3,000) aim to threaten and challenge the traditional financial services providers by offering quicker, and often superior, services.
In general, fintech is broadening the horizons of the financial sector; with the combination of technologically advanced services, fintech companies are able to provide quicker, cheaper and more efficient services.