Introduction:
What are FinTech companies?
Source: https://www.bundesbank.de/de/aufgaben/bankenaufsicht/einzelaspekte/fintech-598228
FinTech Companies and Banks (brief explanation of the topic or the influence)
Sources: https://www.bafin.de/DE/Aufsicht/FinTech/fintech_node.html
https://www.digitale-technologien.de/DT/Navigation/DE/Themen/Finanztechnologien/finanztechnologien.html
Main Part:
Hypothesis:
(Preliminary hypothesis, changes might be made)
-Several positive opportunities, especially in terms of innovation and customer satisfaction
-Risk in case of uncoordinated cooperation
Statistics on FinTech in Germany
Sources: https://de.statista.com/themen/2517/fintech/
FinTech Banken in Deutschland: Privatkonten und Geschäftskonten (2020)
Development of collaborations between FinTech companies and banks
Survey:
The survey will be conducted by individuals both within and outside the industry, which will be considered during the evaluation.
Are you aware of any collaborations between your bank and FinTech companies?
If yes, do you use these services, and which ones?
Do you see benefits for yourself, and if so, which ones?
How do you perceive the change due to digitalization within your bank?
Which bank are you a customer of? Direct bank or E-bank
What additional FinTech collaborations would you like to see?
Which FinTech companies have replaced the products of your bank? For example, PayPal instead of transfers
Do you see FinTech companies as a positive opportunity or as competition for direct banks?
Subtopics
Technological integration (mobile payments, blockchain, data analysis)
Risk assessment (a question of efficiency) e.g., credit lending
Competitiveness/Customer retention (enhancing/simplifying customer experiences) e.g., RemindMe Berliner Volksbank eG as part of the house bank model
Innovation (modernization of products already on offer / introduction of new products)
Rapid product introduction to the market (FinTech companies often have faster development opportunities for the banks’ products)
Efficiency increase (automation, optimization, etc. -> saving resources)
Target group -> attracting younger customers
Risk reduction (division of responsibilities, e.g., compliance)
Risks:
Customer trust
Changes in legislation
Extinction of banks (potential risk if FinTech companies decide to participate independently in the market)
Different corporate cultures (modern/conservative)
Data protection and security (strict regulations within the finance industry would affect FinTech companies)
Dependence (technological failures can damage the bank’s image and lose customer trust)
Cyberattacks
Conclusion: still open
In general, the conclusion will be based on the above subtopics, but potential risks will also be considered.
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