Fintech is an imported product, and there is no clear definition in the industry at present.
First of all, Fintech is a complete and independent word, just like finance or technology. Let's translate Chinese into financial technology, which comes from two English words, finance and technology, and contains the meaning of finance and technology.
I personally agree with the very simple definition given by Wharton Fintech Club: an industry that uses technology to make the financial system more efficient.
It can be seen from here that Fintech is neither a traditional financial industry nor a traditional technology industry. Instead, it uses various advanced technologies such as big data, blockchain and artificial intelligence to help improve the operational efficiency of the financial industry and expand the breadth and depth of financial services. So we can't simply say that Fintech's core is finance or technology.
Fintech, as a brand-new format, is the product of cross-border integration of technology and finance. At present, it is still in the primary stage of development, which is roughly equivalent to the Internet industry at the end of the 20th century. It needs time to settle down and develop.
According to the current industry development, Fintech can be divided into seven business segments, including payment, investment, financing, insurance, consulting, cross-cutting, and infrastructure, covering many Fintech product lines, such as online lending, crowdfunding, payment, credit investigation, wealth management, digital currency, e-banking and risk prediction model.
From the above, we can see that Fintech actually covers a wide range of fields, involving all aspects of the intersection of the Internet and the financial industry. Finteh has absorbed the essence of the two major industries, with strong vitality and extremely promising future prospects.