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FinTech: a revolutionary phenomenon

Business Intelligence timer 2 min.
Chloé Le Cornic

« FinTech » is a term that speaks to many people. Yet, only a small number of individuals is able to define it today. Based on the implosion of new technologies and the unprecedented need to innovate in the financial sector, the FinTech combines digital and financial products in order to improve the five sectors that compose it: capital markets, insurances, payments, assets and loans. So, what is the FinTech? How has it changed our daily lives? Focus.

FinTech: a growing sector

One will have understood that the term FinTech is a contraction of the terms "finance" and "technology". The FinTech rethinks the banking sector in order to improve its functioning. During the last years, individuals and professionals have been given free access to many services. They can now check their accounts online, make transfers without the help of a banker, open a savings account, etc. These actions are possible thanks to the FinTech which has developed efficient means to enable individuals and companies to become more autonomous and to carry out daily financial tasks on their own on the Internet.

Focused on the Internet, smartphone applications and other digital channels, the FinTech and the companies that compose it have the mission to harmonize the use of banking services and new technologies in order to simplify their use and increase the performance of banking services.

FinTech: a revolutionary phenomenon

FinTech: innovative new models

Today, a company can manage its own financial investments. One doesn't need to turn to an advisor to carry out an operation of this type. Saving and transferring money are also actions that 21st century firms can accomplish without the help of an outside stakeholder.

Note that the FinTech has also allowed the emergence of new companies thanks to crowdfunding systems which enable to raise funds with the Internet community. The ways of borrowing and repaying creditors are experiencing a real revolution. Financial regulations of various countries are also evolving in order to facilitate the access and use of banking services.

FinTech: to improve the image of banking services

For the past ten years, individuals and companies have been reluctant to go into a bank in order to carry out their operations. Loss of time, poor service, difficulty in obtaining the desired information ... The FinTech has not only improved relations between banks and companies, it has also boosted the banking sector, which is gradually liberalizing and giving companies access to freedom of action that has never been seen before. This independence allows banking professionals to concentrate on more sophisticated activities. Their knowledge and skills are valued and made available to the companies that really need them.

The new ways in which the FinTech operates make it possible to rebuild the trust that was broken between businesses and banks throughout the financial crisis which we are still living. The independence offered by the FinTech makes it possible to bring together firms and banks in order to rebuild strong future bonds.

Reduction of costs, simplification of services, autonomy, personalized and adapted services, transparency ... These are some of the FinTech's qualities and advantages. The future of finance is undoubtedly in the hands of today's and tomorrow's start-ups.

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