Tech Glossary: ​​What is Fintech?

Technology is very useful in daily activities. (Infobae)

The Technology is a fundamental part Its influence on our daily activities will continue to increase throughout our lives and in the years to come, so we must all continue to grow at the same time.

It made it clear that there are people who are unprepared for the COVID-19 pandemic Internet of Things, as they seemed foreign to many. They had to catch up quickly so as not to fall behind and maintain contact with activities and people they had to physically stop seeing.

Technology will continue It influences our daily lifeSo it is important not to stop expanding our knowledge in terms of cloud space, metawares, USB, cryptocurrencies etc.

Technology is very useful in daily activities. (illustrative image information)

Fintech or financial technology (its name in Spanish) is the trend of using new technologies to improve the operations and efficiency of the financial sector.

The name of the term comes from the combination of the words „finance” and „technology”, meaning in English. Simply put, it is a piece of technology that specializes only in the financial sector.

The main function of Fintech in relation to the financial sector is to add value to each of the services and products offered by the sector, creating better strategies, techniques and solutions through technological innovation.

With this in mind, we can categorize the main functions of Fintech and a detailed description of each:

  • Streamline payment processes, transfers and everything related to online banking.
  • Implement technologies that enable the growth of financial services such as data science, big data, business intelligence, blockchain and more.
  • Manage capital digitally like cryptocurrencies.
  • Supporting cyber security, developing systems for security of databases.
  • Automate all processes online.
  • Use fundraising technologies to fund projects. One of the most common is „crofunding”.
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If you want to use this piece of technology, you need to follow a series of steps that will make the process easier. Some of the steps to be taken are:

  • Know the legal requirements: Before doing anything related to financial technology, it is very important that you know all about the legal regulations. In this step you should inform yourself about the laws, policies and requirements in each country or state you wish to implement.
  • Identify the category: After documenting the legal requirements, you need to know in which area you want to use the technology. At this stage, it is important to have knowledge about each field. Some of them are:
    • Personal financial management
    • Data analysis and financial decision making
    • Cryptocurrencies and Blockchain based solutions.
  • Read the competition: In any process involving the market or financial sector, competitive analysis must be performed. In this step, you need to analyze whether your implementation is profitable, identify future customers and so on.
  • Select a team: Here you need to assemble the team that will undertake Fintech and define the function and position of each.
  • Choose a technology: It is important that the software you want to implement is completely unique, so you should not rely on third-party software. Fintech has a lot of confidential information. Therefore, at this stage it is important to choose which technology we will work with. Some of these may include:
    • Programming Languages: C/C++, Python, JavaScript, Java and Ruby.
    • Frameworks: Node.js, React, Django and Angular.
    • Databases: MySQL, MongoDB, MariaDB and PostgreSQL.
  • To get funding: Above all, it is important to know the capital you have and choose the most sensible path. In this step you can partner with the investor and seek financing activities.
  • Development and Implementation: Once you have gathered all the above information this is the last step. Here you need to implement the whole plan to create a profitable, interesting and high-impact business.
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Fintechs are startups responsible for developing the financial sector in general. There are many great technologies that we use now. Among these we have:

  • Paypal: Recognized as the world's most widely available online transaction system. You can save your money, make payments and/or make online purchases in this app. Additionally, you can add your credit card and more.
  • Kickstarter: This is a crowdfunding platform for crowdfunding projects. Their main goal is to „help bring creative projects to life.”
Technology is an ally in people's daily lives. (illustrative image information)

Technology is ubiquitous in every aspect of life Daily life, can create insecurity or confusion for some people in certain situations. however, To acquire knowledge and skills In this section, it is presented as the most effective strategy to address these challenges.

For example, being familiar with techniques like phishing is critical to preventing fraud. This not only protects the individual but also allows others to be alerted in case of detection Suspicious behavior On the websites you visit.

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