Fintech, short for financial technology, is a term used to describe the integration of technology into a financial service or process, with the goal of enhancing or automating it.

More broadly, the term fintech also encompasses a rapidly growing industry that serves the interests of both consumers and businesses in multiple ways. From mobile banking and insurance to cryptocurrency and investment apps, fintech has a seemingly endless array of applications.

The global fintech market continues to show promise and is set to surpass $882 billion by 2030. However, there have been plenty of growing pains along the way, most notably the FTX crypto exchange scandal and the Silicon Valley Bank collapse. Amid recent tensions and fears, fintech funding has slowed. But there’s reason to believe a rebound is on the horizon.

Despite setbacks in 2023, customer growth rates have exceeded 50 percent across various industries and regions within the global fintech industry. The prospect of further combining fintech with artificial intelligence has produced even more excitement, expanding the possibilities for what fintech could look like in the years to come.