FinTech is a business model that is growing in Brazil and worldwide that emerged from the evolution of technology and new market trends, becoming a financial revolution.
They are usually startups that use technology to provide people an easy access to financial services. These services are available through apps that allow users to follow information about their financial health, providing them quick ways to make online payments, loans, investments and other financial transactions.
FinTechs are usually a great alternative for those who want to get away of the abusive interest and fees applied by the traditional banks, since they manage to offer lower interests and fees using creativity and optimizing their operational costs.
Nowadays, for the banks to keep their business level, they need to be integrated with FinTechs, being incubators or working directly with them. In the future, traditional banks might be big financial service platforms that should be used by a great variety of apps with specific focus on customers needs.