FinTech. Although Merriam-Webster just added the phrase to its dictionary in 2018, the concept of FinTech actually dates back decades.

ATMs, for example, were once on the cutting edge of FinTech innovation, as were signature-verifying technologies first used by banks in the 1860s.

But today, FinTech companies (like Privat 3 Money Ltd) are taking a sector not typically synonymous with nimbleness and expediting processes that once took days or even weeks.

Many consumers are using FinTech to bypass traditional banks, whether that’s for trading, managing their current accounts or applying for loans.

Casual investors no longer need to meet face-to-face with financial experts to painstakingly go over the ins and outs of their portfolios—they can peruse their options online or even enlist the help of chatbots to make decisions.

FinTech provides individuals and businesses with the instant gratification they want and often need, and you’d be surprised at the range of services that these emerging institutions can offer.