What means Fintech?
Fintech is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. Today, fintech companies directly compete with banks in most areas of the financial sector to sell financial services and solutions to customers. Mostly due to regulatory reasons and their internal strucutures, banks still struggle to keep up with fintech startups in terms of innovation speed.
Functions of Fintech companies
- Be intermediaries in the finance world: loans, money transfers …
- Dedicating to the finance companies and individuals, whose objective is to connect small investors with applicants for financing.
- Make monetary transfers at economic prices.
- Make payments and collections through smartphone and mobile devices.
Threat or opportunity?
If something is clear, it is that the Fintech play an important role in the conversations between financial executives of Banking. And there are two options: Become an allied field, and in this way update or reinvent traditional banking, or on the contrary be a fierce competitor and lose jobs.
Photo courtesy of La Huella artworks.
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