An amalgam of finance and technology, fintech does what it says on the tin. It was among the first of a huge range of portmanteaux adopted by start-ups from almost every industry. Healthtech, scitech, traveltech and regtech are other examples. I’m waiting for the advent of techtech to prove we have truly disappeared down the rabbit hole.
Fintech can serve as a useful term to group innovative start-ups working within financial services. Unfortunately the businesses are so diverse (from payments to robo advice, to insurance and trading systems) that the classification becomes so broad as to become all but meaningless.
The phrase has also been repurposed heavily by tech firms who have been operating in the financial services space for many years. For many of them, it is a nice PR friendly buzzword that suggests they are far more progressive and innovative than they actually are.
Disagree or want to add something? What does Fintech mean to you?