Financial technology (fintech) is the industry where financial companies and banks using innovative advancements operate, and conventional financial organisations cooperate with tech companies. Primarily, modernisation or cooperation are essential for preserving competitive strength as other financial market players do.

Fintech products aroused interest in 2014 when banks started developing proprietary apps and mobile services and refreshing traditional services. Today, every third bank client uses at least one financial app. Concurrently, fintech startups emerged that offered previously-unimaginable solutions; moreover, they worked swifter than conservative bankers, never feared to experiment with money, and were generally closer to people than profit-dreaming sharks. This is how the market of fintech apps and services—including mobile—started to grow.

There is an opinion in the business community that technology startups are able to replace financial organisations. However, economists consider this thesis doubtful because startups are not inclined to practise lending . Most likely, those parties will conclude more partnership agreements to win people’s attention: it is known that users want to continue enjoying one-button problem-solving.

Though, the partnership between fields that had never been related to each other at all, can be mutually beneficial. Finance handlers and bank owners have client bases, heavy capitals, and skills in thriving in a strictly-regulated industry. But this is what they barely greet internal innovations and cannot rapidly test new solutions. On the other side, high-tech enterprises need access to giants’ customer bases: in return, they offer development of added-value customer-inspiring services. (more…)





The proliferation of the Internet ignited the appearance of lots of online stores and services. As of now, everyone can order any product or use any service, online. There is just one question: how to pay for all this? Do we need to waste time walking to the nearest bank office? Electronic money significantly facilitates this process and reduce all obstructions and difficulties allowing us to make virtual payments. It is by far more convenient to pay with electronic money than with conventional banknotes.

As e-commerce evolves, various electronic payment systems are developed and their functionality extended. They have already become an integral part of our life — somewhat of an interface for online deals. Payment systems working with electronic money are considered the most handy way to perform financial transactions. Namely, electronic payment systems allow the following:

  • Paying utility bills, taxes, and fines;
  • Paying for cable TV, Internet, and mobile services;
  • Making purchases in online stores and games;
  • Transferring money to other users;
  • Currency exchange;
  • Repayment of loans;
  • Depositing and withdrawing money through bank accounts and cards.

With that, e-commerce payment systems ensure high transaction speed and relieve us from the necessity to count up and fumble with change. Such advantages are beneficial not only for users but also for service providers and sellers. (more…)

Banks have been online for years, serving customers a lot faster than in offices. It didn’t take people too long to realise the benefits of remote account management; they started paying for services, making purchases, and transferring money, all over the Internet.

However, the proliferation of mobile phones made Internet banking not as handy as it used to be. Today’s bank clients want to make transactions with their smartphones — by contrast with computers, they are always at hand. This is how the era of mobile banking—initially called SMS banking—began. First prototypes of mobile banking systems appeared as early as in the late 1990s when banks offered their customers SMS-powered services.

Every modern smartphone allows extended access to the bank account, at any time and place. Neither of other remote service methods could provide such an opportunity. The UK market study showed users check their account with their smartphones three times as often as they do it using computers. We see that mobile phones transformed into smartphones and tablets found their place in the market: eventually, these two trends changed mobile banking. (more…)


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