Banking And Fintech Assignment Report

Running head: BANKING AND FINTECH
BANKING AND FINTECH
Name of Student
Name of University
Author’s Note

BANKING AND FINTECH
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EXECUTIVE SUMMARY:
This report provides complete insight about the advantages of the fintech in the financial
institutions. The challenges that are faced by the bank due to the inability to adopt the financial
technology in the system are also being explained in this report. This report also speaks about the
advantages that bank enjoy if they accept the financial technology in their operational system.

BANKING AND FINTECH
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Table of Contents
INTRODUCTION:..............................................................................................................3
WHAT IS FINTECH?.........................................................................................................3
BUSINESS MODEL OF FINTECH:..................................................................................4
 Alternative Credit Score.........................................................................................4
 Alternative Insurance Underwriting:.....................................................................4
 Transaction Delivery:.............................................................................................5
HOW CAN BANK ADOPT CHANGE:.............................................................................5
 Technology:...........................................................................................................5
 Customers:.............................................................................................................6
CONCLUSION:..................................................................................................................6
REFERENCE:.....................................................................................................................7

BANKING AND FINTECH
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INTRODUCTION:
The impact of technology and digitalization is one of the notable things in the financial
sector. The introduction of technology and digitalization in the finance world led to the rise in
the new age technology known as fintech. In order to change the interface between the financial
service provider and the financial customer, fintech is being used. This led to the rise in the
discordant relationship between the bank and fintech. In spite of this discordant relationship and
high rate of market disruptions both the parties are working together in the same market. Though
they both are working together in the same industry, but the relationship status between the two
remain complicated, which making the whole financial industry an antiquated system.
WHAT IS FINTECH?
Financial technology or fintech is the new technology that seeks to improve the financial
services in the industry. The use of fintech can also be identified in the companies or business
operations. Fintech assists the management of the company to govern the financial operations
and processes of the company. The development of the crypto currencies and the use of crypto-
currencies all comes under fintech (Schueffel, 2016). The introduction of the internet banking
and smartphone revolution actually comes under the purview of fintech. The advantages of
fintech are immense. It not only improves the financial services, but it also assist to raise the
money from the market for a business start-up.
The origin of the fintech was first seen in the banking industry. It was first implemented
by the banks in their back office through computer technology (Buchak et al., 2018). Since its
inception the fintech has developed by considerable percentage. Fintech now oversee number of
financial activities like money transfer, depositing through smartphones, applying for the credit,