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What Makes FinTech Successful
FinTech, short for Financial technology, is an umbrella term for the application of new and innovative technological concepts on products and services in the financial industry. The past few years have seen catapulting advances made in the new sector whereby the future looks set to be characterized by technologies like blockchain and open banking. Since fintech services often tend to be faster, more cost efficient and straightforward, they are popular among startups and new companies that are looking for quick but effective solutions to their everyday operations. Contrary to the popular misconception, it is not just new companies that offer fintech solutions — traditional banks can also incorporate fintech services in their portfolios. So, what makes fintech successful? How come it continues to garner everyone’s favors even though disruptive tech is usually met with resistance?
