Traditional banks are becoming obsolete
Bankers believe that the role of banks is changing. In light of the development of modern technologies, they are well aware that banks should be building customers’ trust towards new solutions, such as fintech’s services. Bank branches will continue to exist, but there will be fewer of them – which can be already noticed – and their operations will change. The majority of customer services and transaction activities will disappear, while consulting services will remain. Industry representatives are already seriously taking into consideration the utilization of robots in this field. Bank branches will also retain significance in terms of marketing.
survival
In order to survive, banks will have to cooperate with technology start-ups, and in order to effectively compete they should become leaders in the creation of open interfaces for accessing bank accounts (Application Programming Interfaces – APIs). Thanks to APIs, banks will be able to cooperate with companies from outside the banking sector through the joint development of business processes and value chains. Banks would then function as platforms through which various enterprises would carry out requested operations for customers.
MOBILE PAYMENTS
Because of the rapid development of mobile payments, even entities such as telecom companies have emerged as banks’ competitors. Their role in the contemporary financial services industry is growing rapidly because they not only have the appropriate infrastructure, but above all access to large amounts of data concerning the users of mobile phones. This includes data that allows them to determine consumer behavior, as a result of which the telecoms are able to offer financial or insurance services.
FINTECH
Unfortunately, FinTech it’s not all sunshine and rainbows for everyone, as some consumers complain they do not understand all of the jargon of fintech companies or have difficulty engaging with high-tech gadgets. Others are concerned this transition will lead to financial exclusion or risk for those who can’t afford new technologies such as smartphones or learn how to use them in the first place. As artificial intelligence advances, many employees in the financial services sector also feel their functions will become automated and their jobs taken away.
The future of banking & FinTech
The relationship between legacy banks and disruptive fintech companies is complicated, but one thing remains clear: both parties need each other to survive – for now. It’s anyone’s guess what will happen in the next decade, but it is safe to note there are going to be a lot more disruptive newcomers and incumbents shaking things up.
The technological remodelling of the entire financial system leaves banks with no choice but to transition into fintech or become obsolete. Are fintech companies a threat to banks? Perhaps. However, these two industries are both looking for the same thing: growth and innovation. In that regard, they can work together more than against each other and all take on technology in the long term.
alternative
The main alternative is gold because it’s a safe-haven asset, reserves/portfolio effective diversification, gold’s ability to improve risk-adjusted returns, not a subject to inflation, tax optimised and it’s valuable collateral.
We have developed a unique technology that will satisfy everyone, both individuals, small and medium businesses and corporate clients.
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London, England,
London, England,
EC4A 3BF
+45 52 78 57 37
+44 7728 28 90 04
+44 7379 21 35 99
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