HEY, knock it off CNBC. We (FintekNews) are THE source for all you need to know about fintech. We all know fintech (in all forms) is HUGE and got $17.4 billion in new investment last year alone. I will compliment CNBC though for a great read, BUT come on........I need this job.
(Bill Taylor/CEO)
"The financial technology (fintech) industry is thriving globally and received $17.4 billion in investment last year alone.
According to EY's Fintech Adoption Index, a third of consumers worldwide are using two or more fintech services, with 84 percent of customers saying they are aware of fintech (up 22 percent from the previous year).
But users are often unaware that the financial services applications they use count as "fintech", or may not know what exactly fintech and its accompanying jargon means.
Fintech
Financial technology is broadly defined as any technological innovation in financial services.
Those engaged in the industry develop new technologies to disrupt traditional financial markets.
Various start-ups have been involved in the process of creating these new technologies, but many of the world's top banks including HSBC and Credit Suisse have been developing their own fintech ideas as well.Fintech companies utilize technology as widely available as payment apps to more complex software applications such as artificial intelligence and big data.
Cryptocurrency
A cryptocurrency is a decentralized digital currency which uses encryption - the process of converting data into code - to generate units of currency and validate transactions independent of a central bank or government.
Bitcoin and ether are the most common form of digital currencies. But there are other forms of virtual cash, such as Litecoin, Ripple and Dash (i.e. "Digital Cash").Bitcoin