A confluence of factors, including the Financial Crisis of 2008 and the Digital Revolution, have undeniably reinvented the financial market. FinTech—a portmanteau for financial technologies—continues to mature as startups and the technology groups of financial service firms serve as models for companies with digital transitions still underway.
FinTech most often refers to a variety of technological interventions within the financial sector as fiduciary institutions increasingly focus on technology and digital means for services and products. FinTech includes established institutions that adopt new technologies, as well as startups attempting to disrupt or compete with financial incumbents. This kind of competition and disruptive innovation alters the way companies do business and negatively impacts those unwilling to adapt to the use of new business models and processes.