Fintech, or financial technology, can be defined as the integration of technological advancements with financial services offerings, ranging from mobile banking and robo-advisors to cryptocurrency and blockchain. Fintech is the main enabler of more efficient banking experiences, more secure financial transactions, stronger engagement with finances through mobile apps, and even greater access to investing through low-cost robo-advisors. Fintech has also served to make the financial services industry a more inclusive and fair environment, offering broader access to credit and providing meaningful financial products to disadvantaged members of society.
The two main challenges that still face fintechs are brand awareness and trust – only amplified by tech players (eg Apple) and retailers (eg Amazon) continuing to enhance their suite of financial products and services. Openness to banking with retailers and tech companies is also much higher than that of pure neobanks, given the vast brand equity these providers possess – evidenced by the third of consumers that would open a financial account with Amazon.
As competition in the industry grows fiercer, legacy FIs must seek value-filled partnerships with fintechs and non-banks as a means of tapping into new audiences, and accelerate their pace of innovation.
Fintech is a force that has driven banking innovation while democratizing access to fundamental financial services for underserved segments.
Amr Hamdi, Senior Analyst – Financial Services
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