The word “fintech” has been there for several years. So it’s worth taking a fresh look at the industry in the face of rapidly advancing technology. Now there is a multitude of new players. Since the financial technology industry encompasses technology-enabled companies. Offering financial services and entities providing technology services directly to financial institutions and other payment solutions. Hence fintech companies implement technology to support financial transactions and payments among businesses and consumers. Technological advances, changing demand for financial competition, and products in financial services are driving a new wave of fintech startups and investments that have drawn attention to the industry in recent years. 

Many startup companies are creating services and products to enter a new zone of the financial system and to bring change in the competitive landscape. The new drive is motivating traditional financial companies to invest in technology. And also to pay attention to new changing trends among their consumers. At present, all new and players will be impacted by the changes we see happening in the marketplace. But understanding the concept and focusing on key developments amid all the hype can be a challenge.

This primer outlines key segments of the fintech industry:

• Business Processing and Outsoursing