The Fintech market is rapidly becoming major and more competitive. Fintech companies are generally more flexible, have low costs, and are more open to new technologies. Fintech companies seem to better understand human behavior and have a superior value proposition with which they are more able to create real value for customers.
On the other hand: financial institutions have the customers and data, but move slowly, miss new digital skills and have a high cost/income ratio. Credit risk has doubled since the 2007 credit crisis. Banks, credit card providers, e-commerce, telecom operators, and utility providers have a strong backward focus when it comes to organizing their financial risk.
Financial Service Companies predict capital reservations to be the same as over the past years. Also, they apply expensive treatments when customers default or stop doing business. It seems evident that strong partnerships between Fintech and Financial services will bring the most now. Together it aims to make a difference by preventing financial risks.
As a result of all the above, Insights Success comes across 10 Fintech Companies Revolutionizing Financial Services-2019.
“Fintech combining with Financial Services will increase global financial wellbeing for every citizen on earth”.