Fintech

Abstract

Fintech refers to the technological innovation in the designing and provision of financial products and services to consumers and businesses; and has becomes a seamless part of everyday life. While traditional financial systems have been criticized for been too product focused, Fintech strengths lie in its flexibility and focus on optimization of the consumer experience. We observe fintech companies disrupting banks by offering no-fee banking services along with features that assist consumers to avoid overdraft fees and interest-free cash advances. This raises the question would fintech companies eat banks for breakfast? Fintech products have democratized financial services by empowering consumers to change financial habits, gain fuller understanding of their finances, and evaluate choices with confidence to make informed financial decisions. Fintech innovation has reshaped and transform financial services and products for consumers to improve their financial well-being and lives. In conclusion, we discussed how fintech has fundamentally altered the way financial institutions provide, and consumers or businesses use, financial services.