First in 2016 and were on pace to

First and foremost, Fintech is known as a financial technology. Fintech is aportmanteau of financial technology that describes an emerging financial servicessector in the 21st century. Originally, the term applied to technology applied to theback-end of established consumer and trade financial institutions. Since the end of thefirst decade of the 21st century, the term has expanded to include any technologicalinnovation in the financial sector, including innovations in financial literacy andeducation, retail banking, investment and even crypto-currencies like bitcoin.The term financial technology can apply to any innovation in how peopletransact business, from the invention of digital money to double-entry bookkeeping.Since the internet revolution and the mobile internet revolution, however, financialtechnology has grown explosively, and fintech, which originally referred to computertechnology applied to the back office of banks or trading firms, now describes a broadvariety of technological interventions into personal and commercial finance.According to EY's Fintech Adoption Index, one-third of consumers utilize at least twoor more fintech services and those consumers are also increasingly aware of fintech asa part of their daily lives.Besides that, Fintech can expand the horizon in our daily life. This is due tothe reason that if one word can describe how many fintech innovations have affectedtraditional trading, banking, financial advice and products, it's 'disruption,' as financialproducts and services that were once the realm of branches, salesmen and desktopsmove toward mobile devices or simply democratize away from large, entrenchedinstitutions. For example, the mobile-only stock trading app Robinhood charges nofees for trades, and peer-to- peer lending sites like Prosper Marketplace and LendingClub promise to reduce rates by opening up competition for loans to broad marketforces.Furthermore, Fintech can be a new technology, like machine learning/artificialintelligence, predictive behavioral analytics and data-driven marketing, will take theguesswork and habit out of financial decisions. "Learning" apps will not only learnthe habits of users, often hidden to themselves, but will engage users in learninggames to make their automatic, unconscious spending and saving decisions better.Apart from that, the landscape of Fintech can startups received $17.4 billion infunding in 2016 and were on pace to surpass that sum as of late 2017, according toCB Insights, which counted 26 fintech unicorns globally valued at $83.8 billion.North American produces most of the fintech startups, with Asia following. Some ofthe most active areas of fintech innovation include or revolve around the following:? Blockchain technology, including Etherium, a distributed ledger technology(DLT) that maintain records on a network of computers, but has no centralledger.? Smart contracts, which utilize computer programs (often utilizing theblockchain) to automatically execute contracts between buyers and sellers.? Open banking, a concept that leans on the blockchain and posits that third-parties should have access to bank data to build applications that create aconnected network of financial institutions and third-party providers. Anexample is the all-in- one money management tool Mint.? Insurtech, which seeks to use technology to simplify and streamline theinsurance industry.? Regtech, which seeks to help financial service firms meet industry compliancerules, especially those covering Anti-Money Laundering and Know YourCustomer protocols which fight fraud.? Robo-advisors, such as Betterment, utilize algorithms to automate investmentadvice to lower its cost and increase accessibility.? Unbanked/underbanked, services that seek to serve disadvantaged or low-income individuals who are ignored or underserved by traditional banks ormainstream financial services companies.? Cybersecurity, given the proliferation of cybercrime and the decentralizedstorage of data, cybersecurity and fintech are interlocked.Last but not least, there are four broad categories for the Fintech users. Forinstance, business to business for banks, business clients, business to consumers forsmall businesses, as well as consumers itself. Trends toward mobile banking,increased information, data and more accurate analytics and decentralization of accesswill create opportunities for all four groups to interact in heretofore unprecedentedways.