The observation of the last few years shows a clear change in the financial services sectors. Especially when it comes to customer interaction or even understanding the latest technology, fintech companies can play an important role.
Fintech companies are shaping the market with new models and innovations while keeping costs as low as possible. Digitalization is advancing and the needs of the customer are growing with it. The focus is on three sub-areas: The first sub-area would be that Fintech companies rely on modern technology in the environment of banking and finance. Another sub-area on which Fintech companies focus is the use of modern technology and further developments in existing application systems. The third aspect on which Fintech companies have focused their attention is payment, investment, and financing.
These changes pose challenges for established banks, which fintech companies can solve with innovative ideas and their expertise in IT. Due to the upheaval, banks and insurance are increasingly inclined to partner with fintech companies instead of viewing them as a competitor.
With the help of data resources, there are new opportunities for fintech companies to enter the market. Existing players will continue to grow and the seamless integration of the Fintech world into the “old” economy will continue. The goal of Fintech companies is to conduct business without a banking license. The development of Big Data and cloud computing gives Fintech companies an advantage, which is strengthened by the rapid development of technology.
Looking ahead, it can be seen that new fintech startups will conquer the market and create more creative solutions for using the digital world and optimizing processes and products.
aye4fin will help you break new ground and support you in your changes. If you have any questions around the financial services sector, which for example requires a banking license application or also needs advice on the topic of due diligence, then we are at your disposal.