Financial technology has been used to automate insurance, trading, and risk management. FinTech is the new applications, processes, products, or business models in the financial services industry, composed of one or more complementary financial services and provided as an end-to-end process via the Internet. FinTech is the label assigned to financial service firms whose product or service is built on technology, often resulting in major innovations that have the capacity to change working practices.
Financial technology companies consist of both startups and established financial and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies. The use of smartphones for mobile banking, investing services and cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public.