Fintech banking, finance and insurance

Fintech, which refers both to financial technology on the one hand and startups operating in this area on the other hand, is also a new financial industry style said to me Franck Peltier the other day. It has undergone rapid development since the crisis of 2008. Ever since, it has been enriching the financial sector with technological innovation. The goal here is to facilitate access to finance, making it more accessible thanks to cheaper and high quality services. So it is no surprise that it has managed to carve out a place for itself at the top. Fintech is present in all areas, ranging from banking and finance, to insurance!

Fintech and banks

It wouldn’t be wrong to point out that Fintech is a great competitor for traditional banks. With the digital age, it would be a shame for these institutions to continue in traditionalism without modernizing their methods and getting abreast of new technologies.
Fintech is a reminder for these institutions to think about innovation. The services it offers are certainly complementary to those offered by banks. However, Fintech services have the advantage of being modern and provide added value to traditional services.
Banks would therefore be well-advised to draw inspiration from Fintech companies, or else set up win-win partnerships with them.

Fintech and insurance

The insurance industry is not left out! After the banking sector, there is no other more traditional and conservative sector than that of insurance, and Fintech has crept into this sector as well!
The digital innovation they bring to this sector benefits the insurer. For example, they have more freedom to act as the digital allows them to dematerialize their documentation, reduce management costs, improve customer relationships, optimize risk management, etc.

And that’s what concluded my exchange with Franck Peltier.

Fintech specialist