Fintech is shaking up old habits in finance and IT

One thing is for sure, Fintech startups, which have taken it upon themselves to reinvent the world of finance with the help of technology, are a real threat to the financial sector. I’s a sad statement made by Franck Peltier. Since making their appearance, they have been truly competing with traditional financial stakeholders, such as insurance companies and banks. As a result, these institutions are left with no choice but to reinvent and modernize themselves so as to remain relevant!

The Place of Fintech in the financial and IT sectors

It comes as no surprise that Fintech startups are present in more than half of the financial sector. The development of IT tools with advanced technology promotes their integration in the industry, allowing them to compete with the main stakeholders of the industry.
Thus the Fintech operate in several categories, like neo-banks. These institutions are not traditional banks. They operate like crowdfunding platforms, and use methods such as crowdfunding, crowdlending and crowdequity to link investors, project developers, SMEs, etc.
Moreover, Fintech also operate in the financial sector by providing financial services to major companies in the sector, SMEs or large companies, through the development of computer technology.
In addition, they also offer technological solutions. With the development of technology and the digital world, the Fintech today also offer innovative technological solutions to different problems of the actors of the financial sector.
Banks are the main beneficiaries. These solutions are the answer to all the constraints that they face, particularly in terms of regulation. They must comply with it to develop and modernize themselves.
It is no fluke that these startups are able to grow in the financial sector, and compete with the main stakeholders thererof.

Fintech specialist