The secant method is a root-finding algorithm that uses successive secant lines to approximate the root of a function. It can be considered a finite difference approximation of Newton's method. The secant method converges faster than linear but not quite quadratically, and only requires evaluating the function at each iteration rather than both the function and its derivative like Newton's method. Therefore, the secant method may be more efficient in some cases, though it does not always guarantee convergence like Newton's method.