Fintechs x banking institutions: what is their relationship?
Posted: Mon Dec 23, 2024 9:57 am
The word ' fintech ' comes from the union of two English words: financial and technology . Therefore, fintechs are companies that offer differentiated financial services over the internet and, of course, based on the use of technologies linked to digital transformation.
When it comes to financial services, we increasingly need to travel less and less, since almost everything can be done online or through smartphone apps. However, fintechs are the financial companies that are truly revolutionizing the financial sector and the way we deal with money.
Content
How do fintechs work?
Fintechs and traditional banks: what's the difference?
What is the relationship between these different business models?
How do fintechs work?
In a reality where smartphone use is massive, with people connected to the internet practically all the time, the great potential of fintechs is related to the fact that these companies offer services adapted to the new routine of customers. Therefore, they mainly target the public that is more familiar with digital technologies and services.
The technology used by fintechs has the main objective of bringing more convenience to users of financial services. By providing various online tools that can be used directly on smartphones, these companies present new methodologies and processes that bring more convenience to the customer and greater control over financial transactions.
Fintechs and traditional banks: what's the difference?
Although many of the services offered by fintechs are the same as those offered by traditional banks, such as payment methods, insurance and credit cards, for example, their canadian business email list main difference is that they are technology startups. This means that they are innovative companies that have identified an opportunity to create a new service or product to meet a specific demand.
Therefore, in the case of banks, they appear mainly to improve the services that are already being offered in the market. By exploring new technologies, fintechs create new ways to meet demands, always valuing the customer experience. After all, the purpose of using innovative technological resources is to make the user's life easier and reduce bureaucracy.
Therefore, they offer resources that banks did not yet have or that were made available to customers in a conservative and bureaucratic way. Although traditional banking institutions already have electronic service, many of their processes are bureaucratic, slow or require the customer to go to a branch to resolve their needs.
When it comes to financial services, we increasingly need to travel less and less, since almost everything can be done online or through smartphone apps. However, fintechs are the financial companies that are truly revolutionizing the financial sector and the way we deal with money.
Content
How do fintechs work?
Fintechs and traditional banks: what's the difference?
What is the relationship between these different business models?
How do fintechs work?
In a reality where smartphone use is massive, with people connected to the internet practically all the time, the great potential of fintechs is related to the fact that these companies offer services adapted to the new routine of customers. Therefore, they mainly target the public that is more familiar with digital technologies and services.
The technology used by fintechs has the main objective of bringing more convenience to users of financial services. By providing various online tools that can be used directly on smartphones, these companies present new methodologies and processes that bring more convenience to the customer and greater control over financial transactions.
Fintechs and traditional banks: what's the difference?
Although many of the services offered by fintechs are the same as those offered by traditional banks, such as payment methods, insurance and credit cards, for example, their canadian business email list main difference is that they are technology startups. This means that they are innovative companies that have identified an opportunity to create a new service or product to meet a specific demand.
Therefore, in the case of banks, they appear mainly to improve the services that are already being offered in the market. By exploring new technologies, fintechs create new ways to meet demands, always valuing the customer experience. After all, the purpose of using innovative technological resources is to make the user's life easier and reduce bureaucracy.
Therefore, they offer resources that banks did not yet have or that were made available to customers in a conservative and bureaucratic way. Although traditional banking institutions already have electronic service, many of their processes are bureaucratic, slow or require the customer to go to a branch to resolve their needs.