Fintech applies technology to improve financial activities and uses innovative technologies like smartphones for banking and investing. It unleashes new competition in financial services, helps small businesses be more sustainable, and allows people to conduct transactions via mobile phones. Core fintech services include payments, personal financial management, investment platforms, and new credit models. While fintech poses a real threat of customers switching to alternative providers with better experiences, it has great potential to positively change people's social and economic lives at a high growth rate expected to be fully embraced by 2018.