Financial technology has seen the ever-increasing rise in automation technology and network connectivity; most of the daily users of internet banking might not see this as a major change in their daily lives. Many users around the world are using different payment systems-digital payment or card payment, but financial technology has completely turned the tables for finance, with added services. Fintech has been used for many technological developments from the payment applications like PayPal to Venmo to even the latest technology cryptocurrency. Combining some of the latest technology developments with various financial applications or services, in tech over the years has helped businesses to largely implement different setups that disrupt the complete industry along with that provide better financial services to businesses and even users completely.

However, many users and enterprises are still confused with the adoption of financial technology. So where does Fintech stands in the journey of technology and how is it being used in 2019?

Fintech is a short term used to describe financial technology an industry encompassing any kind of technology for the financial services- that includes different businesses, including consumers. Fintech is any enterprises that provide different financial services through software or other technology and includes various mobility technology, including mobile devices, to wearable technology to cryptocurrency. Though the definition of a financial technology company is still vastly getting in a different setup with enterprises using the internet, mobile devices, cloud services or software technology to perform differently or connect in with different financial technology. Many financial companies are getting on board with different technology supporting the cause with products that are designed to connect consumer’s with technology for ease of using. Currently, even the technology is applied to different businesses set up, such as B2B business to business technology as well.

Fintech has been disruptive when it comes to making inroads with applications and has changed the way many consumers can access their finances. From mobile payment applications like Square to insurance and various investment companies that have made it imperative for the business to gain access to finances that can assist the technology development. Fintech has distributed the traditional financial technology and banking industry and completely disrupted the potential traditional brick and mortar types of banks or Financial Institutions. Financial technology or fintech is referred to as the technology that can be applied to the back-end systems of banks or other Financial Institutions. In 2019, it’s also possible to manage different funds; trade stocks, pay for food, or manage insurance through this technology.

The financial tools are expanding with offering such Cryptocurrencies; companies are offering different services changing the way many consumers can actually track and manage their finances. According to the data from 2016, people use between one to three applications to manage their finances. The businesses are usually bullish when they consider technology setup, and according to CNBC, implied investment is set to soar by 18 percent in 2017.

How Fintech is being used in 2019 financial setup

1. Crowdfunding enterprises

Companies such as Kickstarter, GoFundMe, and Patreon are an additional example for the growing financial technology that can be used by the enterprises. Crowdfunding is financial regularity for the complete setup as the businesses or individuals can use to reach a different audience, it allows the internet and app users to send or receive money from others that are on the same platform.  

2. Modern Currency

Cryptocurrency and blockchain are one of the most prominent fintech companies in the world. Cryptocurrencies such as bitcoin or litecoin are used as a complete setup for the cryptocurrency exchanges that can be used on the platforms such as coinbase or Gemini. Blockchain setup implemented technology that isn’t controlled by a single entity keeps the fraud in the technology at bay.

3. Bringing AI in business and personal finance

Robotic advising is improving every day, distributing the asset management sector by the providing end to end algorithm that can be based on the asset recommendation and portfolio management that increases efficiency and lowers the cost. Since bringing the AI technology that can analyze portfolio option 24/7 even the old data. Financial institutions have adopted to offer online robot-advising services.

Fintech companies have heavily invested toward the budgeting solutions giving the consumer extra offerings that will develop. It will efficiently keep financial service apps, consumers that can easily and effectively keep track their income, expense, and other budgeting tools that have revolutionized the way consumers think about their money.


Financial technology improves the business conversation as it brings finances towards a more defined process, the rising demand for technology that could satisfy the growing demand of business and users. Last few years, we have seen the greater demand for financial inclusion that being the complete business. Apart from fintech mergers, according to TechCrunch, there are now over 20 Cryptocurrency companies with worth more than $1 billion. According to the TechCrunch analysis, there are some 40 more in tech companies that have raised over $100 million in equity funding in 2018. Security in finances seems to add another layer of complications for the businesses with demand for privacy and securing user data. Though fintech is still building business reliability and compatibility with different business setups.

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