Franck Peltier’s view about Computer high finance and IT

Franck Peltier is about to teach you about Financial Technology. But what is it? Financial Technology in English qualifies companies that provide users with financial and banking services through innovative and sometimes revolutionary technological solutions. Today, everyone is talking about it, but what is really a FINTECH? What are the benefits of a FINTECH? What are the fields of application of financial technology around the world? How to distinguish one FINTECH from another? What is the future of FINTECH in Europe, America or Africa?

What are the benefits of FINTECH? A review by Franck Peltier

FINTECH has unprecedented benefits for the business environment. Financial technology has the distinction of making the world of banking and finance accessible to as many people as possible. Indeed, for many years the banking and financial sector was perceived as hermetic and reserved for a certain category of people in their own right. The appearance of FINTECH has sounded a real evolution both in terms of the wide range of services offered and the plurality of fields or fields of application of financial technology today. Increasingly in Europe and beyond, FINTECH has become a strategic issue for all governments.

Franck Peltier

Financial technology (Fintech) is changing the financial sector around the world. Also promoting low-income households’ access to financial services, its potential and impact continues to grow from day to day, especially as its ability to improve living conditions in countries around the world is no longer proven.

With new and ever-changing methods, we are witnessing the emergence of new ways of collecting, processing and using information in this field, which is the main asset in this sector. All segments of finance, namely payments, infrastructure, consumer credit, small and medium-sized business (SME) loans and insurance products, are in the process of new technological changes.

These changes come from increased competition and increased efficiencies in financial services, which customers could greatly benefit from. Nevertheless, the likely transformation of the lives of the world’s 2 billion adults who remain excluded from the financial system is not without risks. These risks must be mitigated to take full advantage of the benefits of the Fintech.

In addition, they encourage the development of innovative solutions to make the everyday use easier and more practical. In fact, depending on the country, financial technology benefits from specific guidance to both encourage the ingenuity of start ups and SMEs, but also to protect them on the legal front and in the face of competition from the international market.

The FINTECH regulations

The management of FINTECH activity differs from one country to another. From one continent to another, everything is set up for FINTECH to operate in a secure environment and offer fair and transparent services to their different customers.
Compared to traditional finance, FINTECH is regulated in its own right. Consumer protection remains at the heart of their business. Also, for greater credibility, some FINTECH do not hesitate to set up dynamic partnerships with traditional companies belonging to the traditional sector of banking and finance. It is for them a real guarantee of credibility. Still others hold an approval of the competent authority in the field according to their field of activity. In France for example, where Franck Peltier used to work, many start ups and SMEs are approved by ACPR-Banque de France for payment or investment services.
With the regulation and all these enormous technological changes, we will run right to the speed and the facilitation of access to finance for billions of people, who will thus be able to improve their living conditions and start benefiting from the various advantages offered by these financial technologies.

What are the fields of application of FINTECH?

New technologies have the particularity of making the everyday life of users easier. Indeed, they help push the limits of innovation. Their application in the banking and financial field is no exception to this rule. The fields of application of financial technology are diverse and varied.

Crowdfunding

This is one of the favorite areas of FINTECH. Financial technology has indeed revolutionized the crowdfunding system in these different variants. Also, with FINTECH, a real rise has been observed in the field of crowdfunding with companies like Ulule or KissKissBankBank.
The same is true for the alternative credit system dedicated to SMEs or crowdlending that allows an individual (P2P) to lend to an individual or a company, or to a company to lend to a company. The most famous cases are Pretup, credit.fr, Prosper.com or Bolden. The aim is to reduce waiting times for SMEs when they need funding to launch their various development or growth activities.

Shareholding

In this case, it is about crowdequity or capital financing. Among the most recent examples, Franck Peltier can mention the WiSEED platform launched in France in 2008.

The mobile apps industry

This area is not left out. Indeed, many FINTECHs compete in ingenuity by putting technological solutions on the market for better management of their various online banking activities (expenses, investments).

The virtual money market

The arrival of cryptocurrency has given a new lease of life to the world of online transactions. The success of bitcoins and their progressive use in the purchase of many online services has enabled several FINTECHs to position themselves strategically in this sector. That’s why Franck Peltier decided to invest in it.

Online payment

Today, it has become very easy to carry out an online transaction safely. FINTECH like PayPal, Morning have put on the market simple means of payment and practices around the world.

Asset management

This is a sector that is also booming and which is a real success with FINTECH. Companies such as Yomoni and Advize have thus revolutionized the market by setting up innovative, intuitive and efficient systems for better management of users’ wealth.

The Neobanque sector

Soon, N26 from Germany, Compte Nickel, or Atom Bank from the United Kingdom are FINTECHs that reduce certain constraints encountered in transactions with conventional banks.

FINTECH … for a diverse and increasingly demanding clientele.
FINTECH adapts to the classic market and beyond. Also, according to their different fields of activity, you will find:

FINTECH B to C (business-to-consumer)

They have the specificity of meeting the needs of the general public and their requirements in time saving and speed of monetary or financial transactions. The popularity of neobanques does not surprise anyone. Indeed, generally 100% digital, their services can reduce queues often observed in conventional banks. Moreover, they often offer unique comparative advantages in terms of account management and payment solutions at lower costs. No need to travel miles to a bank when you want to make a transaction. From your account, and using your credit card, in one click, and safely, the transaction is carried out. In this category, there are also FINTECHs dedicated to wealth management or personal finance, etc.

FINTECH B to B (business-to-business)

These companies make available to other companies financial services adapted to their different needs. It can be electronic currency transfer systems, crowdfunding, crowdfunding, crowdlending or crowdequity.

Why is FINTECH expanding?

The FINTECH sector is an ever-expanding sector. As the needs of users in innovative solutions and which facilitate a quick and easy management of their various daily activities evolve, so the FINTECH will continue to redouble imagination to respond.
It is therefore not surprising that tailor-made solutions are developed on a daily basis. Soon, FINTECH will position itself in all areas of everyday life. More and more, we see FINTECH specialized in insurance. Insurtech provides individuals with 100% digital solutions to help them compare insurance offers among those on the market. Companies such as Alan, Inspeer or Fluo are experiencing a real success and compete with the leaders of the classic insurance market.
In addition, many FINTECHs are emerging that offer innovative services to reduce traditional banking constraints in the area of customer knowledge regulation or KYC. Companies like Neuroprofiler have built their reputation by positioning themselves in this highly competitive sector.

A promising market in Europe, but also in Africa

In Europe, France, Germany and the United Kingdom share the pulse of FINTECH. In the case of France for example, three companies Lendix, Leetchi and Fluo, were ranked among the top 100 European companies in the sector in 2016. And investment in financial technology continues to grow over the years. In 2016, for example, investments in the FINTECH sector accounted for approximately $ 2.2 billion, including more than 200 million in France.
Africa is not outdone in FINTECH. The WeCashUp project proposed at the Fintech Awards 2016 and which has already won many awards () is a successful example of a FINTECH made in Africa and especially in Cameroon. Thanks to WeCashUp, its promoter C├ędric ATANGANA intends to make accessible the online purchase to unbanked populations, to allow e-merchants to diversify their customers, and to offer a secure and fair platform to the users of this service.

This means that FINTECH has a very promising future for many years in Africa, Europe and the rest of the world. It is up to businesses to adapt to the different expectations of users of their services by offering innovative and revolutionary solutions. Solutions provided and deployed by Franck Peltier for example.