Financial technology, or fintech, is the use of technology to improve, automate, or reinvent financial services and systems. It combines finance, software, and data science to make financial processes faster, more accessible, and efficient.
FinTech is a billion-dollar industry that can be fast-paced and is continually evolving. It requires computer scientists to build and maintain systems that can interpret financial data and make decisions. Those systems are most effective when the computer scientists building them also have the financial knowledge and competency to understand what is meaningful in those designs.
In the last two decades, FinTech has seen immense growth in the industry as day-to-day financial decisions and processes become more electronic, like paying bills online. FinTech has reshaped the way that we bank, invest, budget, and make payments. Examples of these are e-transfers, digital wallets, and investment apps.
The evolution of FinTech
In a short amount of time, the rise of FinTech has led to many new technovations in traditional banking and money exchange.
In the early 2000s, FinTech was first being discussed as a focus of change, but these innovations shifted significantly following the 2008 financial crisis1.
New financial technologies shaping this industry include:
- Mobile or digital banking
- Blockchain and cryptocurrency (or bitcoin)
- Robo-advisors
- Peer-to-peer lending and trading
New emerging trends in FinTech
Topics that are top-of-mind for FinTech professionals and its consumers are in:
- Artificial intelligence (AI) in finance
- Decentralized finance (DeFi)
- Cashless societies
- Increased information, data, and more accurate analytics
Further disruption and discussion are in the areas of:
- Data security
- Regulatory compliance
- Limited-skilled technical professionals
- User retention and experience
- Service personalization
Who benefits from Fintech?
There are four broad categories of users for fintech:
- Business-to-business (B2B) for banks
- Business-to-consumer (B2C) for small businesses
- Clients of B2B banks
- Consumers
Interesting reads
Government of Canada. "A conversation with Ruth Stephen, Director of FCAC’s Behavioural Finance Lab." September 2025.
Deloitte. "A "Made in Canada” Framework for Action to Unlock the Nation’s Full AI Potential." March 2025
Fortune. "Millennials led the consumer fintech revolution post-2008. Here’s why Gen Zers are about to do the same." November 2023.
1Kolodny, Lauren. “Millennials Led the Consumer Fintech Revolution Post-2008. Here’s Why Gen Zers Are about to Do the Same.” Fortune, Fortune, 6 Nov. 2023, fortune.com/2023/11/06/millennials-led-consumer-fintech-revolution-post-2008-gen-zers-finance-lauren-kolodny/.