What does the term 'fintech' refer to in the banking industry?

The term 'fintech' refers to financial technologies that enhance banking services. This encompasses a wide array of innovations and digital solutions that improve and automate the delivery and use of financial services. Fintech includes everything from mobile banking apps and online payment platforms to crypto-currencies and peer-to-peer lending systems.

By leveraging technology, fintech aims to streamline operations, increase efficiency, reduce costs, and enhance customer experiences in the banking industry. This focus on technology empowers consumers with more choices and facilitates faster, more convenient transactions. Understanding this concept is crucial for recognizing how traditional banking is evolving in response to emerging technologies and changing consumer expectations.