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2023 | OriginalPaper | Chapter

3. Financial Technology (FinTech) an Introduction

Author : David Mhlanga

Published in: FinTech and Artificial Intelligence for Sustainable Development

Publisher: Springer Nature Switzerland

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Abstract

The goal of this chapter is to introduce FinTech, or “financial technology.” FinTech refers to the digitization of traditional financial services provided by banks, credit unions, investment banks, credit card firms, and other enterprises in the financial sector. The traditional financial system is quickly being replaced by FinTech technology, which is disruptive since it creates a variety of new financial firms, each with its self-sustaining ecosystem. FinTech is seen as a stimulus for long-term economic growth and development because of its innovative elements that set it apart from the existing financial industry. As a result, investors from all over the world have made significant investments in this industry, and there is a great lot of excitement about the future of FinTech.

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Title: Financial Technology (FinTech) an Introduction
Author: David Mhlanga
Publisher: Springer Nature Switzerland
Book: FinTech and Artificial Intelligence for Sustainable Development
Print ISBN: 978-3-031-37775-4

Electronic ISBN: 978-3-031-37776-1

Copyright Year: 2023
DOI: https://doi.org/10.1007/978-3-031-37776-1_3

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