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FinTech and the new perspectives in the financial environment

Gkioka Nafsika

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Summary

Over the years, the financial sector has undergone radical changes due to the economic crisis and the technological progress. This has enabled a number of companies to innovate through the digitalization and modernization of their financial services. These services compared to the traditional ones are more user friendly and are characterized by flexibility and immediacy. This thesis aims to analyze the impact of Fintech (Financial Technology) on the financial environment and to examine the new perspectives and trends created by it in the sector. The use of mobile phone for payments, online investment and lending services and cryptocurrency exchange are just some of the applications of the financial technology, which aim to change the landscape of financial services. The companies operating in the industry are mainly startups, which compete with traditional financial companies, offering services that combine speed and flexibility. In this way, financial services become more accessible and direct to the public, which means that customers enjoy the digital perspective more. Therefore, this innovative approach, which is adopted by more and more companies and is constantly evolving, puts at risk the viability of traditional financial structures, like banks. So, this has mobilized the latter to improve or change their financial services, in order to reduce the technological gap between them and the startup companies, thus ensuring their survival. Finally, the technologies that contribute to the development of Fintech will be analyzed in this thesis. These technologies benefit not only the consumer, but also every business that adopts them, as they offer significant advantages such as reduced operating costs and increased efficiency.

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