The term fintech refers to
the synergy between finance and technology, which is used to enhance business operations and delivery of financial services. Fintech can take the form of software, a service, or a business that provides technologically advanced ways to make financial processes more efficient by disrupting traditional methods.
Some of the most prominent applications of fintech are mobile payments, automated investment apps (robo-advisors), cryptocurrency, online lending businesses, and crowdfunding platforms. Some of the fintech applications of AI and ML include credit scoring, fraud detection, regulatory compliance, and wealth management, among others.
Robotic Process Automation (RPA) refers to the process of assigning manual, repetitive tasks to robotics instead of humans in order to streamline workflows in financial institutions. Blockchain technology is being adopted at a large scale in the financial industry, primarily due to its capability to securely store transaction records and other sensitive data.
The platforms allow entrepreneurs and early-stage businesses to raise funds from all over the world, allowing them to bypass geographical boundaries and reach international markets and investors. The term insuretech refers to the application of technology to the insurance model, which allows companies to provide tailored insurance services and data security.
Regtech (regulatory technology) focuses on the automation of compliance processes for financial institutions. It offers fast and cost-effective management of large amounts of data, including transaction records and compliance documents, such as corporate tax returns.
Ref: https://corporatefinanceinstitute.com/resources/knowledge/finance/fintech-financial-technology/
