3.1 What is Fintech?

As we delve into the world of Fintech, we want to reassure you that like every topic discussed at BlockUno, we are going to produce content that is easy to digest. We guarantee that this won’t be the first time you have come across the term ‘Fintech’ and it definitely won’t be the last. As a market Fintech is huge and has grown massively in the 21^st century, with no sign of this development slowing down. Finance isn’t what it used to be, and it is thanks to Fintech that this entire sector has been renovated over the last two decades.

What is Fintech?

We believe the best way to introduce Fintech as a topic is to share the below formula and give you an understanding of how the term itself was born:

Finance + Technology = Fintech

It really is as simple as the above formula states. The financial services industry has adopted numerous technological advancements, creating a new era for finance as we once knew it. Every time a different area within the Finance industry adopts a new piece of technology and evolves the method of completing such tasks, we label this new development under Fintech because it is now part of the new world that has been created.

Fintech Examples

Without realising, it is highly likely that everyone reading our content has had some form of involvement with Fintech. As we list a few consumer examples that people are using on a daily basis you may recognise Fintech has supported some of your daily tasks without realising. Bank transfers, collecting money for charity, managing your investments online, completing an application without going to a branch are just a few to name, do you recognise any? 

Want to learn more about Fintech?

Our introduction to Fintech has been kept short and sweet, but we hope you now have a clear understanding of what Fintech is. Our next blog post is going to highlight the areas that utilise Blockchain Technology, giving you an idea of the Fintech related tasks that rely on Blockchain to operate. 3.2 What role is Blockchain playing within Fintech? will launch 11/09/2020, make sure you continue your Blockchain journey and learn about every innovation Blockchain is supporting.