What does Fintech mean?

[Eden]

@Peter_G

You haven’t addressed my earlier challenge: what’s the point of the term if it’s as broad as a financial organisation using technology?

I believe I did with with the defintion posted above. There isnt a clear concensus, but broadly it could be defined as:

Fintech is a new financial industry that applies technology to improve
financial activities.

@Peter_G

I don’t think that’s correct. I quoted Wikipedia (with the “I know” aside to acknowledge that it’s not a rigorous source), which has a reference to an academic article as its source.

I misread you a little sorry, it was in reference to this

@Peter_G

we’re talking about a new generation of companies that are applying the tools, techniques, cultures and approaches of the internet age to banking.

Which was similar to this part of the wikipedias definition.

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.[3]

@Peter_G

Under that hypothesis, I’d contest that First Direct isn’t fintech because it isn’t using the tools, techniques, cultures and approaches of the internet age - it’s using old technologies and a dated cultural approach.

I think id agree, ive not kept up with first direct but we could probably agree that they haven’t or haven’t very well implemented modern fintech. Although im not sure the article was making that distinction?

@Peter_G

I thoroughly disagree for the reasons set out above. I’m not the arbiter of words, though - it just seems we have different definitions.

In what way? You believe that fintech can only apply to new banks? There doesn’t seem to be any reason for this to be true. Id say for example that pingit is a good fintech incorporating many new financial technologies into a product for users, but (correct me if im reading it wrong), because its from Barclays its not fintech, but if Monzo implemented the same features it would be?