Startup, Fintech… what is all this?
In order to understand in detail what is the 'fintech' and what will be its impact within the startup worldLet's go to the root first.
'Fintech' would refer to the combination of financial and 'technology'. With this etymological base of little rigor would count the financial practices that have an extreme dependence on technology. Now, as it is a term that is beginning to arrive little by little, there are those who see it in one way and others, logically, in another. For example, some refer to 'fintech' as “technology companies that offer financial services apart from big companies traditional”. Roughly speaking, it could be explained as the development of financial services based on technological innovation.
However, in its breadth it should be defined as "companies that provide financial services through technology ALONGSIDE traditional banking". And what services? This is where creativity and vision of what the market needs comes into play.
Right now, the big question in the banking ecosystem has to do with market niches and if there is still room for innovation and the development of new services and products.
From Fazil we are convinced that The banking of the future will be very different to what we understand by banking today since the new generations do not feel identified with the traditional banking model.