The Development of Fintechs as a Part of Digital Economy
- 10.2991/aebmr.k.200423.009How to use a DOI?
Fintechs are companies that offer digital financial innovations. Fintechs’ business models include the areas of investing, paying, managing, financing and insuring. Their success factors are based on customer service orientation and manifest themselves in transparency, efficiency, low costs / favorable conditions as well as speed and accessibility. Fintechs’ services have already found widespread use. Around a third of the digitally active people in the world’s 20 largest economies are already using them. The frontrunners are China, India and the USA. Within Europe, most of the fintechs are located in the UK. The transaction volume is mainly generated from digital payments, business and consumer finance. Although fintechs represent potential competition, many banks and insurance companies work closely with financial startups. Great potential for fintechs is seen in developing countries. Access to financial services plays an important social and economic role there. A major risk for the industry lies in the areas of data protection and data security.
- © 2020, the Authors. Published by Atlantis Press.
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Cite this article
TY - CONF AU - E. Saliger AU - V. I. Kordovitch AU - O. V. Popova AU - M. A. Popov PY - 2020 DA - 2020/04/24 TI - The Development of Fintechs as a Part of Digital Economy BT - Proceedings of the III International Scientific and Practical Conference "Digital Economy and Finances" (ISPC-DEF 2020) PB - Atlantis Press SP - 40 EP - 43 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.200423.009 DO - 10.2991/aebmr.k.200423.009 ID - Saliger2020 ER -