What is fintech?

One who has faced the matters and issues of the financial service and its online platforms may have heard about the term “fintech” and fintech law firms in country Lithuania. Everything that is related to Fintech is related to finances and money calculating and often to business. But it’s not all this is about. Let’s dig deeper and see what we can get to know about fintech.


What is financial technology?


So, as you may already notice, fintech refers to financial technology. The term is used to describe new technology that seeks to automate and improve the online delivery of the financial services. In short, it helps companies to manage financial processes and operations and utilizes algorithms that are used on PCs or smartphones.


It’s important to note that fintech includes different many sectors and industries, for instance, education, baking, investment management and many more. Also, fintech law firms in country Lithuania have appeared.


A better understanding of the term


At the very beginning, fintech was only the term used to describe computer technology applied to banks and now it is an intervention between personal and commercial finance. It describes variety of activities, such as money transfers, raising money for start ups, managing investments. Based on the facts one third of the consumers today utilize fintech services and the number is growing every year.


The truth is fintech law firms in country Lithuania also gained popularity and help many people across the globe with their financial transactions and more finance and technology-related issues.


So, the fintech is the term that translates to financial technology and its uses in the sector of new technologies. These are various programs and methods to deal with money.

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