Financial technology, also known as FinTech, is an industry composed of companies that use new technology and innovation to leverage available resources in order to compete in the marketplace of traditional financial institutions and intermediaries in the delivery of financial services. Financial technology companies consists of both startups and established financial and technology companies trying to replace or enhance the usage of financial services of incumbent companies. The National Digital Research Centre in Dublin, Ireland, defines financial technology as "innovation in financial services", adding that "the term has started to be used for broader applications of technology in the space – to front-end consumer products, to new entrants competing with existing players, and even to new paradigms such as Bitcoin" or more generically speaking, Blockchain. FinTech refers to new applications, processes, products or business models in the financial services industry. These solutions can be differentiated in at least five areas.