Fintech and Key Fintech Products
Chapter from the book:
Sönmez,
A.
R.
(ed.)
2024.
Research on Money and Capital Markets.
Synopsis
With the current advancements in technology, financial markets and products are evolving and transforming accordingly. Financial technologies (Fintech) have emerged as the integration of technology and finance to facilitate, accelerate, and make financial services more accessible. This section discusses the general concept of financial technology (Fintech) and financial technology products. Fintech has reduced transaction costs in digitized financial markets, enabled the creation of new business models, and increased individuals' access to these markets. Key fintech products include blockchain technology, robo-advisors, and stock trading applications. Notably, blockchain technology and cryptocurrencies offer innovative payment solutions that reduce dependence on banks. Digital wallets enable easy financial transactions in electronic environments and support the transition to digital economies. In the near future, it is anticipated that financial technologies will become even more reliable with new security systems, and with artificial intelligence (AI) and cloud-based storage systems, more data will be processed to develop new services and products tailored to consumers' expectations.