What does Fintech mean? What's the difference between Fintech and Internet finance?

After the concept of FinTech was put forward in China, its influence in the fields of finance and technology is very extensive. Under the traditional financial environment, enterprises can't precipitate data and information, and potential financial crises are everywhere. Behind the outbreak of a series of events, the financial system is imperfect, and the development of financial technology has not met the requirements. Finance not only benefits the fund demanders, but also breeds loan fraudsters. During this period, loan fraudsters tasted the "sweetness" and acted unscrupulously. The development wave of FinTech decided the reform of the financial industry.

The cross-border integration of finance and technology has changed the competitive landscape of the financial industry, especially the Internet finance industry, and reshaped the Internet finance ecosystem. Risk control has become the core of the Internet finance industry. Internet companies use the cross-border collision with technology to enter the consumer finance business and provide customers with credit services in inclusive finance. The cost of credit industry mainly includes capital cost, operating cost, bad debt cost and customer acquisition cost. Internet companies can use FinTech to minimize human intervention in the control of operating costs and bad debt costs, and effectively improve financial efficiency through technologies such as big data, cloud computing, machine learning, image recognition, and artificial intelligence.

In the future, FinTech technology will be more deeply focused. Intelligent risk control, big data credit reporting, blockchain technology, machine learning, intelligent investment, image recognition and other fields will become the competition points of FinTech technology, and innovative technologies will provide greater help for the efficient development of the industry.