The Development of Fintechs as a Part of Digital Economy

DOI

10.2991/aebmr.k.200423.009How to use a DOI?

Abstract

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.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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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  -