Finance refers to the science of money management. Financial science (FC) considers aspects of banking systems, including research, analysis, and the practice of making money management decisions. This includes a broad range of areas, including money markets, economics, risk, securities, banking, and insurance. Most finance courses teach a strong basic foundation in math and accountancy, but more advanced courses may require additional study to include a full range of topics such as financial engineering, global economics, finance theory, macroeconomic theory, optimal decision making and portfolio optimization. Many finance degrees require additional study in business, economics, and other related areas.
Financial technology (Finance tech) refers to new tech that seeks to advance and streamline the process of delivering financial services, particularly to consumers. As technology continues to advance and attract investment capital, many banking and accounting professionals are rethinking their businesses and are looking at cutting costs and streamlining operations. For years, fintech was considered something for hedge funds, investment banks, and other high-end commercial banks; today, however, many mid-size banks, as well as independent financial institutions, are considering fintech to replace much of their current banking and accounting software.
Many tech experts believe that the next wave of “Tech startups” will come from startups focusing on Internet-related technologies. Already many companies like Kiva Labs and Shopify offer cloud-based e-commerce solutions, and entrepreneurs have begun to explore options for developing e-commerce sites. Additionally, venture capitalists have begun funding a number of “designing” companies, many of whom are focusing on building websites for small banks and other finance institutions. Moreover, tech startups in the banking industry are also considering new ways to increase their customer service while reducing overhead and expenses. In fact, many financial advisory firms have already begun investing in startup companies, many of which are working on technology that could allow customers to request a paper or electronic report and then download it directly from their bank’s website.