If you are reading this, the chances that you have used a fintech (financial technology) are very high. It is also very likely that you have heard that term before that is on everyone's lips, both in conversations and in the media. But what exactly does " fintech " mean? What panorama opens? Where does this type of technology come from and where does it go? And above all, what does it mean for Mexico and for your business? howtoincreasedomainauthority
What does fintech mean ?
The term fintech is older
than you might imagine. It was coined in 1972 by New York banker Abraham
Leon Bettinger, vice president of the Manufacturers Hanover Trust. At the
bank, Bettinger experimented with about a hundred financial models for four
years. Forty of them belonged to a select group that it called Fintech .
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As a result of his study, Bettinger wrote a two-page article in
the prestigious journal Interfaces . "FINTECH
is an acronym that stands for 'financial technology,' and it combines banking
expertise with modern scientific management techniques and the computer,"
he said.
If you are interested in delving deeper into the origin of the
concept, check out Taming the Beast: A Scientific Definition of
Fintech , an academic article by Swiss
researcher Patrick Schueffel.
What is a fintech today?
As you can imagine, this technology has evolved a lot since
the 1970s. By now, we've all bought something online, from a grocery item
to a plane ticket.
Today, the term fintech specifically
refers to technology that improves financial practices . If
an app saves
you a trip to the bank, that's fintech ; if it
allows you to send money from your phone, that's fintech ; If
you can buy something at a point of sale without using the plastic of your
credit card, all this is also thanks to fintech .
There are four technologies that are somewhat like the fuel of
this technology: artificial intelligence, big data (or big
data ), blockchain (or blockchain )
and process automation. So we are in a laboratory, because these
technologies are changing every second and, with them, also fintech .
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