Fintechs are companies that combine the provision of financial services with processes based entirely on technology .
They arise from the union between the financial and technological areas ( financial + technology = fintech ) and are promoting a true revolution in the financial market.
The mission of these companies is to innovate, optimize kenya email list 1.3 million contact leads and improve services in the financial sector.
You may be wondering: is it possible for financial services to be carried out without so much bureaucracy and loss of time?
Fintechs are showing that it is possible. In addition to involving less bureaucracy , they have much lower operating costs than traditional banks and, through technology, they manage to impose greater efficiency and agility in processes.
How did fintechs emerge?
Fintechs are the result of two intersecting events: the international financial crisis of 2008 , when the traditional American investment bank Lehman Brothers went bankrupt, and the trend towards total automation, an expression of the 4th Industrial Revolution .
Why the 2008 crisis? Because after the bankruptcy of Lehman Brothers Bank and the financial aid that the American government had to provide, the public sector of developed countries, in order to avoid new crises, created a series of regulations for large banks, mainly those considered " Too Big to Fail ".
As a result, many sectors of these banks have become too entangled, such as the bank lending sector, where some of the fintechs are concentrated.
So startups , which are innovative business models, heavily supported by technology, low-cost and much more flexible, emerged to fill those gaps — and many of them drew on the experience of people who had been laid off or left the big banks.
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And the numbers show that the financial market is resilient to fintechs. In recent years, global investment in these companies has reached between 30 and 40 billion dollars a year. In Mexico, for example, more than 300 new fintechs have emerged in the last five years .