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Eugene Plotkin Breaks It Down: What Even Is Fintech Anyway?

TechWallet CEO Eugene Plotkin Explains the Fintech Phenomenon

Fintech is a word that pops up everywhere nowadays and seems to have a million definitions. To better understand what experts say when they reference fintech, we talked with financial tech consultant and former investment banker Eugene Plotkin, who helped us get to the bottom of the buzzword.

“Fintech is a vitally important concept because it increasingly governs how global commerce operates,” Plotkin says. “It’s a shorthand way of saying ‘financial technology’ and it refers to applications or software that make monetary transactions or data easier, faster, or more secure.”

Every time you swipe a credit card, check your balance from your phone, or get money from an ATM, you’re using fintech, Plotkin explains.

“The COVID-19 pandemic has shown again how necessary fintech applications have become,” he says. “Thanks to online shopping, contactless payments, and mobile food-delivery apps, the lockdowns that so many people experienced were not as bad or inconvenient as they would have been just a few years ago.”

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