Until recently, being part of the financial universe by offering payment solutions and banking services was only viable for large bank institutions.
Every day, people around the world make more than 2 billion digital payments.1 They pay for goods and services, borrow and save and engage in a multitude of financial transactions. Every time they do so, they rely on the monetary system – the set of institutions and arrangements that surround and support monetary exchange.
Unlike many traditional banks, financial technology companies work to make life easier for people and businesses, enabling them to solve problems and use services quickly and safely. This innovative approach explains why these companies have grown by more than 500% in just a few years.
While a traditional bank requires the customer to be present when opening an account, with FinTech’s the process is much more practical. Today, it is possible to open an investment account without having to leave home, simply by filling out and submitting key information such as identification.
