“Digital Banking: A Deceptive Edge” (finews.ch)
02. June 2015
finews.ch, one of the leading financial portals in Switzerland, reports on FintechStars. The article “Digital Banking: A Deceptive Edge” is based on the first issue of the FintechStars Report with a focus on Wealth Management. Most banks are not prepared for the rate at which the digital transformation of private banking is progressing – and the “digital divide” between banks that have already invested in digitisation and those who are still waiting to do so, will continue to grow. Furthermore, Gregor Puchalla, CEO of FintechStars, said the following in an interview with FUNDPLAT.COM: “FinTechs will fundamentally change the financial sector“.
FinTechs are the drivers of innovation for the financial sector (see also: FinTech – The Future of Financial Operations). In all sectors, FinTechs is already competing with the offers from established banks. Their advantages: greater transparency, significantly more user-focus and above all, considerably better affordability than the offers of traditional banks. As reported by Finews.ch for the Wealth Management sector based on the FintechStars Report, digital asset managers currently cannot yet hold a candle to the major players, but they are well on their way to becoming worthy rivals.
In the interview with FUNDPLAT.COM, Gregor Puchalla also confirms the trend: “Development in the FinTech sector is continually gaining momentum. In addition to startups that are driving innovations in the market with new services in areas such as online/mobile payment, peer-to-peer lending, personal finance management and online services for asset management, major digital players such as Apple, Facebook and Google are also increasingly putting the pressure on banks. To this end, the new competitors are successfully orienting themselves to the needs of their customers and to what bothers customers the most about banks today (so-called “pain points”). FinTechs are using innovative methods to introduce new digital products quickly and with a focus on customers – thereby staying one step ahead of most banks.”
FintechStars, a 100 percent etventure subsidiary, is a specialist in the FinTech market and thus the digital partner for customers and investors. FintechStars has a cross-divisional function within etventure. The financial sector expertise and the development of digital business models is also incorporated into corporate consulting. The first edition of the FintechStars Report, with a focus on Wealth Management, is available as of today. Read an extract here.