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Banking industry is a huge vehicle, which has been providing its services for years. Its strategies and principles of work have been built step by step for getting what it looks like nowadays. But our developing world makes all the spheres of our life adapt to changes, which are inevitable. Banks face challenges in different areas because many new technologies are implemented.
Nowadays a huge number of FinTech companies appear, which create a higher level of competition within modern market. These companies are usually start-ups, which provide the whole range of financial services. They became rather popular due to the new vision of the market and work overall, which is not only profitable for them, but more preferable for customers. It is important to admit that these companies try to improve their work by implementing new technologies and strategies, which help to perform the services at a higher level. In such conditions, banks are not able to compete while using traditional systems. There is no opportunity for them to adjust to the changes quickly, because this systems has been created for years and includes not only the usage of technologies, but it all is also about culture, operations and other industrial facets.
In conclusion, we can say that FinTech companies really disrupt traditional bank institutions. They have perfect perspectives and there is a possibility that traditional banks and banking system will have either to change something in their work or leave the market at all.
The main tendency of modern world nowadays is the development of various technologies and devices, which can be implemented in any sphere of our life. All they are aimed at making the life easier and more comfortable. The sphere of banks and possible payment services and institutions is deeply involved into the process too, as numerous non-banks are trying to adapt to these changes and needs of people. Non-banks nowadays are not just entities, which provide a short list of services for the customers. With the development of technologies and their application in all possible activities, it became possible for non-banks to enter the retail payments market. The rise of cashless payments, development of new legal frameworks, SEPA project, etc. made it possible for non-banks settle in the market, especially in Europe, where they have great prospects. But not only they settled retail payments market, but are confidently entering lending business. Non-bank lenders have a range of advantages in comparison to traditional banks, which are the subject of confinements and do not get funding from external sources. They have better rates, more flexible conditions for businesses, so as wide range of options, which may be appropriate for any customer’s need. In conclusion, we can say that non-banks are more likely to invade the market not only concerning payments, but within lending business. This process has already began and is rapidly moving forward, which shows the tendency towards changes and new strategies.
All the spheres of our lives are developing and changing rapidly. Banking sphere is also a part of these changes, which is inevitable. The main question lies in applying as many new technologies as possible within shorter period to reach a success. The quicker a company applies something new and adapts to changes, the more success it gets. The secret of success lies in the three main notions. The first one is accelerating simplification. The main idea here is that the simpler the process will be for the customer, the more appreciated it will be. Modern business people are suffering lack of time, so they do not need wasting their time on useless operations, if other organization can offer the same option quicker and easier. The second secret is digitization. We live in the age of computers and machines. The tendency to do as much work as possible with the help of digital technologies grows, as it is not only convenient, but has a number of obvious advantages – mobility, safety, easement, etc. One more key to success is innovation. People love innovations, which help to organize our lives, make it easier, save time, money and forces. With the use of innovations, numerous problems just fall off. Their applications advantageous both for companies and customers. In conclusion, we can say that the more innovative strategies and technologies will be applied to the process, the more success it will have. Undoubtedly, numerous examples has shown such a tendency.
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