Today, ING announced a reorganization, with the loss of thousands of jobs, but also the improvement of online processes at the bank. Digitising even further. But everything is already digital, isn’t it?
An average bank customer handles his banking business via the Internet and has probably not seen a bank branch for years. And one might wonder: where are the hundreds of millions of euros that banks invest in going? The answer is: fintech, or financial technology that simplifies and accelerates the way we deal with money.
Voice recognition that ensures that the bank with which you call immediately knows who you are and which customized offer can be presented to you. Or biometrics: a video of yourself proves that you are who you say you are. With your passport to a branch is then no longer necessary.
Fintech also appears in the less visible parts of the banking business. Artificial intelligence that immediately provides a solid answer to the question: ‘What does the Nigerian election result mean for my investment in Shell?’, without anyone being involved. Or smart software that assesses behaviour on social media and considers whether or not you are creditworthy.
Fintech also appears in the less visible parts of the banking business. Artificial intelligence that immediately provides a solid answer to the question: ‘What does the Nigerian election result mean for my investment in Shell?’, without anyone being involved. Or smart software that assesses behaviour on social media and considers whether or not you are creditworthy.
Even a digital alternative to the regulation of financial transactions has the full attention of the banks. Blockchain technology would ultimately eliminate the need for central banks.
Small, technology-driven start-ups are generally faster and better at developing and applying innovations than traditional banks and insurers. The Dutch Banking Associations (NVB) commissioned the consultancy firm PWC to draw up a trend report on fintech.
Researcher Eugenie Krijnsen: “Often the financial services of fintech companies are not cheaper than those of banks. But faster and better.”
Researcher Eugenie Krijnsen: “Often the financial services of fintech companies are not cheaper than those of banks. But faster and better.”
She mentions payment service provider Adyen as an example of a successful Dutch financial services company. “They have broken through the traditional triangle of shopkeeper-bank-customer and turned it into a quadrilateral. The company adds payment options, for example by supporting many payment methods worldwide, including contactless payments. And they ensure that the customer can pay easily, so that the shopkeeper gets paid quickly and has a good overview of the cash flows around the physical store and the web store.
Banks and insurers can only survive if they are able to link up well with the development of fine-tech. And fine-tech companies are attracted to the customer files and customer information that are held by banks.
Krijnsen: “Fintech is seen as a threat to the traditional financial sector. But you can also look at the possibilities offered by new technologies. Old and new can reinforce each other. Banks are prepared to spend a lot of money and effort on attracting the best minds in the field of finance. They organise bootcamps and invest in start-ups.”
references:
https://nos.nl/artikel/2135773-fintech-stemherkenning-en-biometrie-maken-betalen-makkelijker.html
