Bank – FinTech Merger& Importance and repercussions:
Financial Services & bank services began in 2018, focusing on digitizing services to better meet customer needs. But do banks understand that previously inefficient paper-based processes and large “not-so-friendly” user interfaces will no longer be enough in today’s technologically advanced environment?
Banks will need to connect digitally to be successful. With the growth of FinTechs, it is only a matter of time before they are fully integrated into the traditional banking system.
One of the largest German banks in the world is calling for a shift from competition to collaboration, arguing that traditional banking providers and innovators must work together to revolutionize the payments market and the broader financial sector for the benefit of all.
Fintech is arguably the most important topic among investors, financial service providers, entrepreneurs, and even large corporations. The phenomenal potential of creating innovative services and business models makes it inherently disruptive. To realize the great potential of technology, ‘Banks’ wants to integrate with FinTech solutions.
FinTech made everyone start late
FinTech, the technological innovation in the financial sector, born as an operating company, now travels the world. He transformed almost everything to see the impact of the “fourth industrial revolution”.
Embrace FinTech around the world
The global adoption of FinTechs is demonstrated by a recent comparative study by EY (formerly Ernst and Young), which found that the number of FinTechs increased between 2015 and 2017 in several countries, including Australia, France, Germany, China, and India. The numbers indicate the acceptance of the past (2015), present (2017), and future (as answered in the survey).
Bank with FinTech resource
Just like any other industry, banks have started responding to fintechs and fintech banks have sprung up since 2015. Banks and financial institutions have launched the first programs to create FinTech companies. Worldwide, 43% of banks started with this startup. Another 20% created VCs to finance FinTech. There are obvious reasons why FinTechs are forced or biased.
Why the luck of FinTech banks?
Unlike traditional banks,
•FinTech reduces overhead costs and operational shortages.
•Intercommunicating or P2P transactions take place in real-time environments.
•Real-time updates, proactive alerts, and agile innovation are integral to a better customer experience.
•Using the right technology can reduce the need for manpower and even physical buildings.
•FinTech offers the simplicity of design and the power of contextuality that consumers have come to expect more and more.
• Another customer expectation of “extremely simple but internally efficient service platforms”, which should force banks to reconsider their “hard work” or “play” policies.
• It also increases regulatory compliance and better customer service.
• Fintech companies, such as Teknospire, provide affordable and affordable services, provide sustainable solutions for digitizing financial ecosystems in (untapped and limited) market segments, and meet your microcredit and grant needs. Last-minute, so far considered non-profit banks.
• Simple and intuitive data-centric technology delivers more personalized offers. As the security aspect is well maintained and biometric advances, virtual reality solutions can help customers innovatively manage banks without sacrificing traditional banking services.
The advantages of the alliance between
FinTech and banks
In the collaboration between FinTech and the Bank, the final beneficiary is the consumer. Banks can use technology to shift their focus from “Banking” to “Banking” and in return offers customers independence from standard products or services, the freedom to choose between the best and the best “digital” experience.
By collaborating rather than competing with new companies, banks can provide new technology solutions. Banks, together with FinTech, with shared services and knowledge, can explore the wealth of information available in ‘Big Data’ using analytical tools such as Predictive Analytics, giving them a better understanding of customers and thus creating deeper connections:
• Personalized products
• Comprehensive services.
They can explore the potential of FinTech in the banking sector to evaluate, identify and create products or, if possible,