FinTech, short for Financial Technology, refers to the use of technology to improve and automate financial services. This includes everything from online banking and mobile payment apps to investment platforms and cryptocurrency exchanges. By leveraging technology, FinTech companies aim to make financial transactions faster, more efficient, and accessible to everyone. One of the key benefits of FinTech is that it often reduces costs and increases convenience for users. For example, peer-to-peer lending platforms allow individuals to lend money directly to others without going through traditional banks. This innovation not only streamlines the borrowing process but also offers better rates for both borrowers and lenders.