Fintech and banks: collaboration or competition?

With the rapid growth and advancement of technology, it has led to the advent of a new digital era.

Technology is becoming a mainstay, increasing efficiency, reducing the need for labour and replacing workers for manual jobs.

Technology is also not restricted in any vertical but can be found in marketing, health, logistics and – of course – the financial sector.

Financial technology or fintech is prevalent in the world today with startups sprouting everywhere and anywhere. However, what exactly is fintech?

Fintech is a technology that seeks to improve and automate the delivery of the use of financial services.

Fundamentally, fintech is utilised to help the stakeholders – companies, business owners and consumers – better manage financial operations, processes, and lives using software and algorithms found in a computer.

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