What is Fintech? How can I benefit from this new financial stream? The concept of Fintech is still in the process of being defined as it is a relatively recent term and we will gradually see how it is going to be outlined.
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Do not lose then this interesting webinar! The origin of Fintech is the contraction of the English words 'finance' and 'technology', which encompass the services of companies in the financial sector which use new technologies to create innovative financial products.
Definition of Fintech
In principle, we can define Fintech as a concept that brings together technological financial companies that try to contribute new ideas and that reformulate, thanks to new information technologies, mobile applications or big data, the way of understanding and providing financial services.
Today, FinTechs capture a large part of the financial market and develop exponentially, thanks to the recognition, by this market, of an alternative mode of financing outside conventional banking and financial institutions, via modern means of communication (internet, smartphone), which appeals to both an informed financial market public and a new audience.
6 Fundamental objectives of the Fintech initiatives:
What are the areas and sectors on which Fintech acts
1.Mobile banking
2.Big data and predictive models
3.Compliance
4.Crowdfunding
5.Cryptocurrencies and alternative currencies
6.Forex market
7.Automated process management and digitalization
8.Risk management
9.Payments and transfers
10.P2P Loans
11.Insurance
12.Security and privacy
14.Financial advisory services
15.Trading
According to the numbers, we can assure you that this is a sector that has come to stay and that there is no doubt that some financial entities such as BBVA have already moved to be clearly positioned in this transformation of the financial sector that drives the fintech. Worldwide, in just four years the alternative financial market grew by 48 percent in 2015. Only through these Fintech platforms have been funded 5 million euros and has grown 240 percent in the year 2014. Financial services startups Fintech are the most promising in the world according to the most active investors in recent months.
Examples of Fintech's most important international startups
What is the process to start taking advantage of Fintech?
Most of the companies mentioned above if they are characterized by something is the usability and ease of use of their applications. In other words, simplicity, innovation and added value predominate for the user, which in itself is already a plus. The process is very simple you just have to create an account and as the case define your role as an investor, as a bidder or as a service seeker. In the sector there are also many collaborative consumption platforms that further democratize access to financial services, generally with less obstacles and also with better conditions for the investor and the applicant.
