Financial technology, or FinTech, is an industry focused on providing technology solutions to the financial services industry to address regulatory requirements, automate processes and improve the efficiency and transparency of transactions. It has its roots in banking and Wall Street trading firms, however, today the industry represents technologies that are disrupting traditional financial services (e.g, InsurTech for the insurance industry).
FinTech encompasses leading-edge solutions for mobile payments and banking, wealth management, delivery of content and automation of trading and back office operations. In addition, the Blockchain and cryptocurrencies (Bitcoin, Ethereum, etc.), artificial intelligence (AI) and robotics/process automation have the potential to disrupt industries beyond just financial services.
Similar to other technology and software providers, FinTech companies face an array of challenges that include capital formation, customer acquisition, startup requirements, and the growing pains of successful, entrepreneurial organizations.
In addition, FinTech companies also face unique challenges such as operating in a highly regulated environment, competing with proven, well capitalized, financial institutions and staying ahead of a rapidly changing technological environment.
EisnerAmper’s assurance, tax and advisory professionals have the requisite experience and knowledge to meet the needs of FinTech companies around the globe.