With startups offering financial technology services raking in billions of dollars around the world, fintech, coined from "finance" and "technology," has become a buzzword that old guards at big name financial institutions can no longer ignore.

Originally a term to describe computer technology applied to the back end of banks and trading firms, fintech now refers to services using software to provide a wide range of financial services — from making online payments, such as PayPal, to promoting financial planning.

As fintech firms offer more consumer-oriented products, the service makes the world of finance more accessible and user friendly for consumers, experts say.