The financial technology or fintech industry refers to companies introducing innovation into financial services using modern technologies. Some fintech firms compete directly with incumbents such as banks and insurance companies, while others have partnered with them or supply them with goods or services. What is clear is that fin- tech companies are improving the financial services world through introducing innovative ideas, allowing for speedy delivery, and increasing competition. Fintech integrates various types of financial services into the day-to-day lives of customers. Millennials and Gen Zers, as well as the generations coming up behind them, are accustomed to technology and want to manage their money easily and quickly, instead of walking to physical branches to perform transactions and other operations. Fintech is redefining financial services in the 21st century. Originally, the term applied to technology used in the back end of established trade and consumer financial institutions. It has expanded to include various technological innovations, including digital assets, cryptocurrencies, artificial intelligence (AI) and machine learning, robo advice and the Internet of Things (IoT).

Areas of Fintech

In this section, we provide a preview of what will be covered in the book. Feel free to skip to any chapter that interests you or read the chapters in order. In “The New World of Banking,” we explore the innovative business models that are transforming the landscape of traditional banking, such as aggregators, infra- structure providers, and fintech collaborations. We also delve into how open banking, Application Programming Interfaces (APIs), digital wallets, cryptocurrency integra- tion, and AI-driven services will continue to reshape the industry.