The Economic Impact Of Fintech Companies On The Traditional Banking Sector And Possible Future Scenarios
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| Author | : Malik Dakdaki |
| Publisher | : GRIN Verlag |
| Total Pages | : 82 |
| Release | : 2017-11-07 |
| Genre | : Business & Economics |
| ISBN | : 3668565341 |
Bachelor Thesis from the year 2017 in the subject Business economics - Accounting and Taxes, grade: 1,3, University of applied sciences Frankfurt a. M. (FOM), language: English, abstract: The beginning of the digital revolution at the turn of the millennium has ushered in a structural change in many sectors. Due to the increased use of modern information and communication technologies (ICT), several sectors have already experienced existential economic implications. This is especially evident in the music, media and publishing industries. For example, music is not only purchased on CDs from local retail stores, but is also increasingly consumed via the Internet through streaming services such as Spotify. Videos store rentals compete with the comfortable video-on-demand services available in customers’ own homes. The Internet as a medium for information and consumption for products and services has established itself as a faster, more comfortable and more efficient channel in comparison to traditional sales channels. Stationary retail stores were also not spared from digital disruption. The market research institute Gesellschaft für Konsumforschung (GfK) predicts a doubling of the online share of retail sales from currently to 20% by the year 2025. At the same time, new and innovative market participants known as financial technology or FinTech companies are edging into the financial sector and trying to gain market share from established banks through customer-friendly products and services. Nevertheless, the banks do not seem to recognize the seriousness of the situation and therefore are reluctant to adapt to the new situation. However, experience has shown that ignorance of an industry’s digitization has already led to the fall of large and established companies. As a well-known example in the technology industry, Kodak is often referred to in this context. The company’s reaction to the digital disruption took place too late, whereas other companies had already recognized the trend towards digital photography at an earlier stage and prepared corresponding products. As a result, Kodak plummeted from the top of the photography technology industry. Evidence of ongoing digital disruption of the financial services sector has already been provided in the form of a new type of bank, the direct bank, which was first introduced in the early 1990s . FinTech companies seek to take advantage of this success and gain customers and market share by offering innovative solutions for financial products and services.
| Author | : Gleb Romanchuk |
| Publisher | : GRIN Verlag |
| Total Pages | : 74 |
| Release | : 2019-05-03 |
| Genre | : Business & Economics |
| ISBN | : 3668931321 |
Master's Thesis from the year 2019 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, Berlin School of Economics and Law, language: English, abstract: The purpose of this work was to find out whether Fintechs are able to compete with Banks in the field of Asset Management. Companies providing Robo Advisory services are considered to be the banks of the future. Several interviews with companies working in this field have been conducted to investigate if the algorithms are prepared for the next financial crash. This work contains 7 chapters, starting with the motivation and research question. Sec-ondly, the general situation on the market will be described, including the changes of customer behavior. This serves the purpose to give an understanding about the current market conditions. Thirdly, the banking sector will be described, considering definitions and regulations. In this work the focus will be on the German market, therefore, con-sumer behavior and details about the German retail banking industry are relevant. Sub-sequently, chapter 4 deals with asset management and the new trends in the industry. Chapter 5 describes the development of the fintech industry. Definitions and regulations of the fintech companies are part of this chapter. In chapter 6 the scientific investigation will be conducted and presented. The results will show how stable the new technologies are, in order to give an outlook for the future in the next chapter. Prospects for the future of retail banking and especially asset management will be mentioned in chapter 7. General current trends and forecasts are also part of this chapter. Since only limited literature is available about the fintech industry and especially robo advisory, the investigation part includes a qualitative approach with interviews that have been conducted with qualified specialists that work or research in the robo advisory industry. The question of whether and how the robo advisors will survive the next fi-nancial crisis, is topic of the interviews. There has been no financial crisis that might have caused unforeseen problems for the systems, ever since the creation of robo advi-sory. Thus, it is unknown how those technologies will react to chaotic market situations. The idea was to ask companies to what extent they are prepared for a financial crisis. The findings of this investigation will deal with the possible future outline of those fintechs providing algorithm-based asset management. The question about the security framework has been answered with a view to examining the future development of the robo advisory industry.
| Author | : Thomas Walker |
| Publisher | : Springer Nature |
| Total Pages | : 395 |
| Release | : 2023-02-24 |
| Genre | : Business & Economics |
| ISBN | : 3031230698 |
This book provides both practice-oriented and academic insights into the disruptive power of fintech for the banking industry. It explores (1) whether and how the banking industry can use newly emerging technologies in the financial sphere to its advantage while managing any associated risks, (2) how these technologies affect traditional banking service formats as well as the pricing of these services, and (3) whether the emergence of fintech in the banking industry calls for a rethinking of existing banking regulations such as the Basel Accords as well as country-specific regulations. Prior publications in this area typically examine both current applications of fintech in the banking industry, as well as its future prospects, by analyzing actual cases or exploring the impact of a single emerging technology on the banking industry. They often ignore the interdependence between emerging technologies and overlook the connection between fintech as a whole and the future of the banking industry. This book addresses this gap by providing a comprehensive overview of various fintech applications and by analyzing what they mean for the future of banking. Given the potentially disruptive power of fintech, the book will focus on the challenges banking supervisors are likely to encounter as a result of fintech’s continual ascent. It will thus encourage readers to think about and explore how to find a balance between the beneficial aspects of fintech and the challenges it creates in terms of supervision, regulation, and risk management.
| Author | : Alice Hofmann |
| Publisher | : GRIN Verlag |
| Total Pages | : 84 |
| Release | : 2021-06-29 |
| Genre | : Business & Economics |
| ISBN | : 3346429911 |
Bachelor Thesis from the year 2018 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0, University of Applied Sciences Essen, language: English, abstract: This paper will analyse, if traditional banks deal with the continuous digitization and new technology-based competitors, especially FinTechs, as a threat or rather as a chance for their own business model. Is it more likely that banks and FinTechs will link up as partners to benefit from mutual competitive advantages, or will it degenerate into a battle for power and market share? Furthermore, why is it that small start-ups can present such a threat to established banks that have been operating for years? Innovative start-ups revolutionized several business sectors. There was Napster for the music industry, Uber for the taxi industry, and there are FinTechs for the financial sector. FinTech is an abbreviation for Financial Technology. The designation itself already gives an idea of what their business idea looks like. Intelligent technologies and the continuously expanding digitization across all business sectors expands the customers' needs and demands towards banks. They want to take care of banking business as easily and convenient as they order goods via Amazon, ask Google for the way or stream music and movies online via Spotify or Netflix. FinTech has recognized that change in customer behaviour and started to build their business models based on these findings. Those new innovative market entrants are present in every part of the value chain of a traditional bank, offering alternative financial products and services on a purely online basis. Traditional banks are, therefore, facing significant challenges and risks that are endangering their competitiveness.
| Author | : Ms.Ratna Sahay |
| Publisher | : International Monetary Fund |
| Total Pages | : 83 |
| Release | : 2020-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1513512242 |
Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.
| Author | : Mr. Bas B. Bakker |
| Publisher | : International Monetary Fund |
| Total Pages | : 61 |
| Release | : 2023-03-29 |
| Genre | : Business & Economics |
| ISBN | : |
In the past decade, fintech has shaken up the financial sector in Latin America providing innovations in lending, payments, insurance, and regulation and compliance. This paper examines this development by focusing on both fintech services and regulation. Exploring fintech’s macro-critical impact using country- and bank-level data, we find that booming financial technologies in Latin America have helped boost competition in the banking sector and inclusion. Additionally, we demonstrate that fintech firms in Latin America experienced robust growth even during the pandemic supported by external funding. Finally, we discuss how regulators are addressing the risks associated with financial technologies and how they are leveraging fintech tools in their supervisory activities.
| Author | : Robin Teigland |
| Publisher | : Routledge |
| Total Pages | : 583 |
| Release | : 2018-02-15 |
| Genre | : Business & Economics |
| ISBN | : 1351183605 |
This comprehensive guide serves to illuminate the rise and development of FinTech in Sweden, with the Internet as the key underlying driver. The multiple case studies examine topics such as: the adoption of online banking in Sweden; the identification and classification of different FinTech categories; process innovation developments within the traditional banking industry; and the Venture Capital (VC) landscape in Sweden, as shown through interviews with VC representatives, mainly from Sweden but also from the US and Germany, as well as offering insight into the companies that are currently operating in the FinTech arena in Sweden. The authors address questions such as: How will the regulatory landscape shape the future of FinTech companies? What are the factors that will likely drive the adoption of FinTech services in the future? What is the future role of banks in the context of FinTech and digitalization? What are the policies and government initiatives that aim to support the FinTech ecosystem in Sweden? Complex concepts and ideas are rendered in an easily digestible yet thought-provoking way. The book was initiated by the IIS (the Internet Foundation in Sweden), an independent organization promoting the positive development of the Internet in the country. It is also responsible for the Internet’s Swedish top-level domain .se, including the registration of domain names, and the administration and technical maintenance of the national domain name registry. The book illustrates how Sweden acts (or does not act) as a competitive player in the global FinTech arena, and is a vital addition to students and practitioners in the field.
| Author | : Henri Arslanian |
| Publisher | : Springer |
| Total Pages | : 318 |
| Release | : 2019-07-15 |
| Genre | : Business & Economics |
| ISBN | : 3030145336 |
This book, written jointly by an engineer and artificial intelligence expert along with a lawyer and banker, is a glimpse on what the future of the financial services will look like and the impact it will have on society. The first half of the book provides a detailed yet easy to understand educational and technical overview of FinTech, artificial intelligence and cryptocurrencies including the existing industry pain points and the new technological enablers. The second half provides a practical, concise and engaging overview of their latest trends and their impact on the future of the financial services industry including numerous use cases and practical examples. The book is a must read for any professional currently working in finance, any student studying the topic or anyone curious on how the future of finance will look like.
| Author | : Mr.Amadou N Sy |
| Publisher | : International Monetary Fund |
| Total Pages | : 61 |
| Release | : 2019-02-14 |
| Genre | : Business & Economics |
| ISBN | : 1484385667 |
FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.
| Author | : Sahoko Kaji |
| Publisher | : Springer Nature |
| Total Pages | : 210 |
| Release | : 2021-02-20 |
| Genre | : Business & Economics |
| ISBN | : 9813349131 |
This book is a collection of academic lectures given on fintech, a topic that has been written about extensively but only from a business or technological point of view. In contrast to other publications on the subject, this book shows the reader how fintech should be understood in relation to economics, financial theory, policy, and law. It provides introductory explanations on fintech-related concepts and instruments such as blockchains, crypto assets, machine learning, high-frequency trading, and AI. The collected lectures also point to surrounding issues including start-ups, monetary policy, asset management, cyber and other security, and stability of financial systems. The authors include professors, a former central bank official, current officials at Japan’s Financial Services Authority, a lawyer, the former dean of the Asian Development Bank Institute, and private sector professionals at the frontline of fintech. The book is most suitable for those both within and outside of academia who are beginning to learn about fintech and wish to successfully take part in the revolution that is certain to have wide-ranging effects on our economy and society.
