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The Advantages of Fintech Companies Over Traditional Banks

 Fintech is something that can interest investors, and not once, but twice.  On the one hand, as an area in which you can invest money.  On the other hand, investors are often exactly the clients of companies in this area, and it is for them that many proposed innovations are designed.

 The term “fintech” today means all innovative technologies in the field of finance, designed to provide new services to companies and individuals and make their lives better.  This area includes, among other things, transactions with bank cards, money transfers and PayPal payments, investments in cryptocurrencies, and so on.

 Today Fintech has completely entered our life, and we encounter it at every step.  Online banking is from Fintech.  As well as fintech applicants, Client-Bank, and investment systems, and access to trading on exchanges, and programs that allow you to take into account and control personal finances, undergo scoring for loans, seek online support and advice, identify yourself when  required, and so on.

 Right now, from any mobile phone, you can buy or sell securities in a matter of minutes, visit an online store, purchase what you need, go to an insurance company and issue a policy and even find out about fines, utility bills, and, as they say  , pay taxes and sleep well.  All this is fintech.

 The main trend of Fintech continues to be the growth of mobility of access to finance and banking software solution increasing the attractiveness of the fintech sector for consumers, said Jordan Weinstock, vice president of the American company Advisors.

 He spoke about this at the Fintech Ukraine conference held in Kiev.

 According to Jordan Weinstock, the main advantages of fintech companies in comparison with traditional banks are higher mobility, the ability to respond more quickly to new needs and wishes of consumers.

 The cost of providing services for fintech companies is significantly lower than for banks, which gives them the opportunity to reduce the cost of services and thus gain an advantage in the competition.

 “One of the niches that fintech companies can occupy is providing services to clients that are not currently of interest to commercial banks.  Fintech companies can attract such consumers due to the lower cost of services and a more flexible format for their provision, ”Weinstock believes.

 According to him, in the world competition for a customer is becoming more fierce, so it will be more difficult for companies offering only one product or its promotion channel to stay afloat.

 “We are entering an era of ubiquitous mobility.  Mobile devices will become the basis for continuous authorization as a separate service for all types of financial transactions, ”says Jordan Weinstock.

 And there is still a lot of interesting things ahead – financial software development, and other areas that are waiting for their startups, successful discoveries and investors’ money for rapid growth.  And of course, new clients, for whom the world is becoming different, modern and better.