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Whether FinTech will dominate over banks?

According to the analysis from “Bain & Company” banks are losing clients and this situation becomes worse and worse every day. At the same time, fintech companies which offer innovate in the field of financial technologies turn banks into ordinary organizations. Many clients leave from banks and choose new technologies and services for loans, investments, insurance and credit cards.

The latest report of “Bain & Company” showed that more than 137 hundred consumers in more than 20 countries prefer new services and technology platforms like fintechs. That’s why classical banks pass to the second plan.

Often clients become prisoners in their banks. Approximately 29 percent of bank’s clients claim that they want to change bank but it’s hard to do for different reasons. If they are able to leave from their banks to other financial structures, they will do it. Presently there are a lot opportunities to stop being the prisoner of the bank.

Does it mean that fintechs will dominate in future? It’s quite possibly. Fintechs has very progressive and advanced technologies for purchasing of banking products through digital channels. It will become a commonplace in the world. Just look at China where fintechs prevail over the retail banking. In fact the mobile banking fallen in China and other countries repeat the same way; mobile banking has begun to slow in the Netherlands, the USA, the UK, India and South Korea.


Users choose more comfortable and attractive non-bank platforms and surveys confirm that routine banking interactions become rarer. For example, in China “WeChat” offers immediate loaning, “Alipay” also proposes a “tap and go” functionality regarding payments, personal savings and other financial transactions; this system is fully integrated with consumers’ daily social life. So, banks should focus on technologies and integrate innovations in their banking products.

A lot of banks understand necessity of digital technologies, but the migration to new models requires time, knowledge and finance. The biggest problem is to identify what kinds of needs customers have at the same moment and would have in the future. However, there are no rules for development when we talk about high-quality services for clients.

Information about fintechs is taken from http://www.finews.asia/

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