These are hi-tech financial services firms which mostly provide just a limited range of services but are highly innovative and show huge competitive potential. Banks need to acknowledge fintech companies’ great innovative power without envy.
These new players have come up with all sorts of ideas: loan brokerage platforms, for instance, bring together loan-seekers and investors – through this digital platform, both sets of parties can obtain access to one another quickly and relatively inexpensively. PayPal, Google Wallet, ApplePay and others are providing innovative payment solutions. Automated investment tools are also available online for investors.