There was a time when the banks were the sole legitimate lending providers but the rapid increase of Internet coverage, smart devices penetration and credit scoring automation made possible to get a fast loan with just a few clicks on your phone. Welcome to the FinTech world built by much more than cryptocurrencies and ICOs. Credit scoring automation is the tool that enabled loan access to the underfinanced population. Matching credit scoring with machine learning, AI and automation, in general, made this process a viable business case.
FinTech stands for Financial Technology. It is a common term used for companies offering added value or entirely new financial services via technology. Financial business is generating a huge amount of data also known as big data. This is where the point of intersection for Data Analytics and FinTech is located. We also have to keep in mind that FinTech covers a lot of financial business domains like asset management, insurance, lending, transferring money, to name a few.