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Fintech a portmanteau of "financial technology" refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, Blockchain, Cloud computing, and big data are regarded as the "ABCD" (four key areas) of FinTech. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies designed to make financial services more accessible to the general public. Financial technology companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies. A subset of fintech companies that focus on the insurance industry are collectively known as insurtech or insuretech companies.
Fintech is an industry that uses a seres of technological innovations such as cloud computing and big data to allow technology to serve finance and greatly improve financial efficiency.