Fintech is introducing fresh impetus into the world of financial services.

Fintech: a positive development

Fintech is introducing fresh impetus into the world of financial services. Thus providing the sector with an excellent opportunity to effect positive changes in terms of trade, health, job opportunities, education and many more aspects of our lives. These positive changes are not only social; Fintech is also good for businesses. If the sector manages to convert this Fintech-driven momentum into genuine, sustainable policy, then it will be possible for trust to be restored.


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Global FinTech Report 2019

Crossing the lines: How FinTech is propelling financial services and technology firms out of their lanes

The lines between financial services (FS) and technology, media and telecommunications (TMT) firms have blurred to the point that the roads are a free-for-all and previously distinct sectors are colliding. Many TMT companies are applying for FS licences, and FS organisations have begun calling themselves technology companies. Fintech, or financial technology, is at the epicentre of this transformation. The FS and TMT industries are both using it to sharpen operational efficiency, lower costs, improve customer experience and heighten the appeal of their products and services. They’re also carving out new commercial possibilities. Digital-only banks are offering redesigned client propositions and cost profiles. Investment managers are deploying fully customised robo-advice. Insurers are using sensors to monitor people’s health and help prevent illness. And according to a recent PwC survey, consumers are ready for the digital shake-up. The question is no longer whether fintech will transform FS, but which firms will apply it best and emerge as leaders.

Good for customers

Financial applications always available online and mobile.

Customers expect all their financial services to be available online or mobile. They want customized custom service. And they are increasingly looking for additional functionality. For example, for help in managing their finances and for understanding their expenses. FinTechs respond to these new customer needs in many areas. Crowdfunding offers new funding opportunities for individuals and small businesses who have previously gotten out of business. Health insurers reward policyholders for their healthier lifestyle based on the data they receive through wearables. In addition, many FinTech technologies are based on sustainable customer relations. These are those relationships that allow continuous personal customer contact, something that was lost to many companies years ago.

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Good for companies

Looking for cheap financial services? FinTech keeps costs low.

FinTechs usually do not come with a shocking new application. However, they are developing tools that can even solve the most difficult problems in the financial sector. Think about applications that financial service providers can distinguish and improve customer satisfaction, meet legal requirements, reduce costs, and improve the way in which work is done in the back office. The most important thing is, however, that FinTech provides financial service providers with the opportunity to reconnect with their customers. By offering new services that represent the industry as a solid and sustainable factor in the lives of their customers, FinTechs help restore trust.

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Good for society

Wether you take it or leave it:  Financial service providers can no longer ignore the FinTech phenomenon.

FinTech not only supports financial service providers and their customers, but also promotes social change for a positive change. Startups contribute to this by providing more financial impact. Their apps now allow millions of people in remote areas to participate in the economy. Mobile phones enable global financial transactions for families dependent on income from abroad. Specific insurance products are offered where they are most needed. Thanks to FinTech.

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'Banks and insurers need to go the extra mile, thereby creating an ecosystem with which fintech companies can dovetail.'

Eugénie Krijnsen, partner at PwC

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Eugénie Krijnsen

Industry Leader Financial Sector, PwC Netherlands

Tel: +31 (0)88 792 36 98

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