UNIVERSITÀ DEGLI STUDI DI NAPOLI “FEDERICO II”
DIPARTIMENTO DI SCIENZE ECONOMICHE E
STATISTICHE
CORSO DI LAUREA MAGISTRALE IN ECONOMICS AND
FINANCE
TESI DI LAUREA
IN
BANKING
Traditional banks, digital banks and fintech
Candidato
Cristian Tuli
P0900130
Relatore
Ch.mo Professore Alberto Zazzaro
Anno Accademico 2020/2021
1
Sommario
Introduzione
......................................................................................................
...
Capitolo 1: Panoramica del sistema bancario vigente
................................
- Definizione di banche tradizionali
- Definizione di banche virtuali
- Differenze tra banche tradizionali e virtuali: pro e contro
di entrambe
- Le neobanche virtuali sono il futuro?
Capitolo 2: Fintech: analisi del fenomeno
....................................................................
- Definizione di Fintech: La più “antica”, risalente al 2016,
è quella di Arner che lega la parola Fintech a qualsiasi
utilizzo della tecnologia per fornire soluzioni finanziarie
- definizione Techfin?
- Come un’azienda entra a far parte delle techfin
- Aree di attività delle techfin distinte in tre macroaree:
prestiti a breve termine, gestione e consulenza finanziaria
e servizi di pagamento
- Il problema della regolamentazione
- servizi di pagamento: Apple Pay, Google Pay, N26
- Amazon
Capitolo 3: REAZIONI DELLE BANCHE TRADIZIONALI
ai colossi digitali e ai nuovi player
- Gli incumbent sono portati a scegliere se digitalizzarsi e
Collaborare con le banche digitali
- Proposte dei nuovi player
- Colossi digitali
2
- collaborare o competere?  e quali possono essere i
vantaggi per banche e nuovi player derivanti dalla loro
collaborazione.
- “FINTECH 3.0”
Capitolo 4: Prospettive future espansione Fintech, La
Fintegration sembra essere la scelta ideale: ma lo è anche nella
pratica?
Conclusioni
3
CAPITOLO I
THE BANKING SYSTEM: HISTORICAL NOTES
AND CURRENT OVERVIEW
SOMMARIO: 1 HISTORICAL NOTES AND CURRENT OVERVIEW- 1.1 Overview and
history of the banking system - 1.2 Definition of traditional banks 1.3
Definition of virtual banks. - 1.4 Differences between traditional and virtual
banks: pros and cons - 1.5 are the new banks sustainable? - 1.6 the “Banca
Sella” case
4
1.1 Overview and history of the banking system
To begin this paper, I should mention the history of banking and the banking
system.
During the Middle Ages, private banks were founded by trading companies
who, thanks to their profits, granted loans to earn interest. At the same time,
the first form of cheque began to be used: a real letter of credit that allowed
people not to carry money (today we say "cash"). Also because of this activity,
the first bankers began to be so successful that their wealth increased. One of
the most important banking companies was the Banco dei Medici.
At the time of the Renaissance, The Banco di San Giorgio was created to
manage the public debt. But it was with the Bank of England, established in
1694, that banking institutions began to provide funds for the activities of
merchants to promote trade.
With the industrial revolution, more and more capital was needed to support
the expansion of new industries (including textiles and steel). At the same
time, there was a phenomenon called "bank collection": banks targeted
specific customers, who belonged to the upper class, and their capital was
managed by banking institutions.
The Great Depression of 1929 influenced the evolution of the banking system.
During this period, the distinction between deposit and investment banks
emerged. In addition, the central bank plays an increasingly important role and
5
international relations between the various banking institutions are also
constantly developing. In recent years, due to technological progress and
globalization, numerous innovations have appeared in the history of banking:
online banking services, online transactions and payment services directly
from your account.
The bank also provides many other services, which over time have become
more and more important than its typical activities: buying and selling
securities on the stock exchange, providing information and services to
businesses and households that need to decide how to use their assets. It
advises people to take out an insurance contract for the various risks.
In the 1990s the Italian banking system underwent extensive and profound
transformations, initially determined by the 1993 Banking Law, the creation of
the European Monetary System and the European Central Bank, and the
increasingly widespread presence of foreign banks. In the last decade of the
20th century, the State tried to limit its presence in the banking market by
privatising public institutions. This period saw the birth of the so-called
"universal bank", capable of providing various banking services relating to all
economic sectors, previously entrusted to special banks, and other services
traditionally not the responsibility of banks. In the 1990s, some large banks
acquired other smaller banks and some small banks merged.
Therefore, the establishment of a banking group makes it possible to provide
services not only in the domestic market but also abroad.
6
1.2 Definition of traditional banks
The activities of a pure credit intermediary are usually referred to as traditional
activities because today's banking institutions also perform many other
functions as mentioned earlier. However, the term traditional which appears in
the title of this paragraph is intended to have a different meaning, referring in
fact to the phenomenon which has recently led to the emergence of virtual
banks. Therefore, these "new" intermediaries and "old" intermediaries must be
distinguished and accurately classified as traditional intermediaries to
understand the current landscape of the banking system.
Traditional banks are all institutions that have physical branches. This does not
mean that digital media does not exist, only that in addition to the online
component, there is a physical component where consumers can take advantage
of various possible services. Most banks today are highly digital, meaning they
use technology to simplify the customer experience. The prime example is the
use of apps to make payments and check account balances via
smartphone/tablet. Some banks have invested more in apps, such as Deutsche
Bank: customers can access investments and transactions online via apps.
Alongside this are so-called "evolved" ATMs that allow for cash and check
payments, and simple withdrawals, making day-to-day branch operations
almost unnecessary.
7
1.3 Definition of virtual banks.
Using as a unit of measurement the degree of interaction established with the
user, it is possible to determine two stages of development of the virtual bank.
The first dates back to about the mid-1990s, and its characteristic is that the
bank's website mainly provides information services such as balance, statements
of the latest trends, information on interest rates. The second phase will involve
greater use of technology (mainly telephone, home banking, e-wallet, smart
card, e-commerce, interactive video), so that users can also use service devices,
such as RiBa, MAV, wire transfer, funds.
Customers can order wire transfers, pay bills and invoices via their personal
computers, and can almost complete all operations at the counter.
In the preceding paragraphs, unconventional alternative channels to traditional
branches have been considered. We consider home banking to be the ability of
banks to deliver their services directly to customers' homes using facilities
available at home or work; in a broader sense, banks distribute banking services
using facilities away from the bank.
It is this new concept of the bank-customer relationship that has led to the
emergence of a fully virtual bank. Everyday transactions are directly available
online. From opening an account to making direct salary payments to applying
for debit and assistance cards. The absence of a physical location allows for a
8
leaner cost structure, reducing customer management costs almost to zero, as is
the case with N26, one of the most successful virtual banks in Europe.
The other side of the coin is that they can effectively only provide a limited
number of services, for example, safes are not available.
Studies by McKinsey show, however, that apart from simple transactions and
payments, customers would prefer personal contacts for other transactions.
9
1.4 Differences between traditional and virtual banks: pros and
cons
In the future, trends may change in favour of digitization: this is a hypothesis
supported by two key factors, which can also be deduced from previous
analyses. The first is that the virtual channels used to search for information
have a usage rate of around 30%, the same as in other European countries. The
second issue concerns the actual volume of supply, in which Italy is about
15% behind the other EU countries. Therefore, considering that Italy has a
lower degree of digitization than EU countries, the potential demand has not
been expressed. Many banks have seen this opportunity and started to provide
the possibility of online management of financial products, such as the
aforementioned Deutsche Bank.
Among the main advantages of virtual banks are the simplicity and
convenience with which available services are accessed, often with much
more flexible hours than traditional banks. For an average user, reaching a
bank branch during working hours is almost impossible given the long queues
and reduced hours. It must be said, however, that for the resolution of some
problems related to one's account, a more personal interaction, as already
mentioned in the previous paragraph, is still preferred to the virtual one.
The importance of traditional banks for "non-digital" users, i.e. those
customers who are not accustomed to using smartphones or computers, must
be underlined. These users are in any case destined to decline given the high
level of "digitalization" of the new generations.
10
But some intermediaries have seen this trend, and now have more mature sites
and applications. First among these is Etoro, which was born in the "distant"
2007, and allows Real Stock trading on PC/smartphone, without commissions:
it now has 13 million users worldwide.
Traditional banks today are in a very difficult position in a highly competitive
environment because, in addition to rival banks and new virtual banks, there
are many digital intermediaries on the market that focus on specific
transactions.
In this paragraph, some of them have been named, but the fact is that there are
more of them. Of course, it is worth noting that liquidity is required for
crowdfunding and peer-to-peer (P2P) lending platforms, which are alternative
sources of lending for classic financing
Those who provide banking services, on the other hand, provide investments
for those who have excess funds. The operating principles of these two
methods are very similar, however, crowdfunding usually involves rewards
based on contribution, while P2P lending is true lending between individuals
across the network.
Alternative finance allows those who cannot fund themselves through
traditional ways to get funding for their actions from the market. Therefore,
such platforms have great social benefits: without them, some ideas and/or
products will not be financed and therefore cannot be developed. On the other
hand, they interrupt the most basic activities of banking institutions, because
people who need resources today have more options to choose the cheapest
and most convenient solution.
11
This growth poses an additional threat to traditional banks, which are being
attacked in many ways, and their existence in the market may be strongly
questioned. People might spontaneously ask why these age-old institutions
still exist: the answer is that today we do not live in a fully digital world, some
people are not yet willing to change their habits. While this is more in line
with the "why not now" question, there are deeper reasons that support the
persistence of traditional banks, which are purely psychological factors.
Customers are looking for security when using their capital to conduct
transactions, be it investments or simple deposits, and are generally unwilling
to choose new institutions/platforms that have neither a history nor a physical
location.
The issue of servicing is also related to security factors, which is currently the
most critical issue for virtual banks. Currently, the alternatives when needed
are call centre, email or online chat. These methods are not as effective as
personal contact, and usually require more contact with support staff or wait a
long time to receive a response, as described in Laura Alix's analysis, where
the frequency with which virtual bank customers contact the call centre is
more than twice that of traditional bank customers. In addition, 40% of
respondents said they waited more than 5 minutes to interact with the assistant
In the future, trends may change in favour of digitization: this is a hypothesis
supported by two key factors, which can also be deduced from previous
analyses. The first is that the virtual channels used to search for information
have a usage rate of around 30%, the same as in other European countries. The
second issue concerns the actual volume of supply, in which Italy is about
15% behind the other EU countries. Therefore, considering that Italy has a
lower degree of digitization than EU countries, the potential demand has not
been expressed. Many banks have seen this opportunity and started to provide
the possibility of online management of financial products, such as the
aforementioned Deutsche Bank.
12
Among the main advantages of virtual banks are the simplicity and
convenience with which available services are accessed, often with much
more flexible hours than traditional banks. For an average user, reaching a
bank branch during working hours is almost impossible given the long queues
and reduced hours. It must be said, however, that for the resolution of some
problems related to one's account, a more personal interaction, as already
mentioned in the previous paragraph, is still preferred to the virtual one.
The importance of traditional banks for "non-digital" users, i.e. those
customers who are not accustomed to using smartphones or computers, must
be underlined. These users are in any case destined to decline given the high
level of "digitalization" of the new generations.
But some intermediaries have seen this trend, and now have more mature sites
and applications. First among these is Etoro, which was born in the "distant"
2007, and allows Real Stock trading on PC/smartphone, without commissions:
it now has 13 million users worldwide.
Traditional banks today are in a very difficult position in a highly competitive
environment because, in addition to rival banks and new virtual banks, there
are many digital intermediaries on the market that focus on specific
transactions.
In this paragraph, some of them have been named, but the fact is that there are
more of them. Of course, it is worth noting that liquidity is required for
crowdfunding and peer-to-peer (P2P) lending platforms, which are alternative
sources of lending for classic financing
Those who provide banking services, on the other hand, provide investments
for those who have excess funds. The operating principles of these two
methods are very similar, however, crowdfunding usually involves rewards
13
based on contribution, while P2P lending is true lending between individuals
across the network.
Alternative finance allows those who cannot fund themselves through
traditional ways to get funding for their actions from the market. Therefore,
such platforms have great social benefits: without them, some ideas and/or
products will not be financed and therefore cannot be developed. On the other
hand, they interrupt the most basic activities of banking institutions, because
people who need resources today have more options to choose the cheapest
and most convenient solution.
This growth poses an additional threat to traditional banks, which are being
attacked in many ways, and their existence in the market may be strongly
questioned. People might spontaneously ask why these age-old institutions
still exist: the answer is that today we do not live in a fully digital world, some
people are not yet willing to change their habits. While this is more in line
with the "why not now" question, there are deeper reasons that support the
persistence of traditional banks, which are purely psychological factors.
Customers are looking for security when using their capital to conduct
transactions, be it investments or simple deposits, and are generally unwilling
to choose new institutions/platforms that have neither a history nor a physical
location.
The issue of servicing is also related to security factors, which is currently the
most critical issue for virtual banks. Currently, the alternatives when needed
are call centre, email or online chat. These methods are not as effective as
personal contact, and usually require more contact with support staff or wait a
long time to receive a response, as described in Laura Alix's analysis, where
the frequency with which virtual bank customers contact the call centre is
more than twice that of traditional bank customers. Additionally, 40% of
respondents said they waited more than 5 minutes to interact with the
14
assistant. Support services are a key point that traditional banks can and
should use to gain a competitive advantage over competitors.
15
1.5 are the new banks sustainable?
Until recently, people agreed that virtual banks are the future of the financial
landscape and will soon replace traditional banks, but now new factors have
completely reversed current thinking.
First of all, the most important European digital institutions (Revolut, N26,
Monzo and Starling) are losing more and less money, none of them is
profitable. All of them have promoted themselves by promising smart, cheap,
innovative services that will truly change the way people contact lenders. The
promise has since paid off: over the past few years, the number of users of
these four new banks has reached a considerable number, with over 1 million
customers and no less than 13 million Revolut accounts.
All of this is achieved by combining the ideals of the "banking revolution"
with nearly zero-cost, colourful cards and marketing campaigns aimed at
young people.
One of the most widely used strategies for acquiring new customers is socalled "referral marketing" that leverages the desire to share a positive
experience with friends and family, which in many cases "can be actively
incentivized with the promise of discounts or additional services if we invite
our friends to use the same service or purchase the same good. "
(https://primeconsult.it/strategia-di-referralmarketing/#4_Esempi_di_Strategia_di_Referral)
As the data shows, these institutions can attract many customers and cost less
than traditional banks, not only because they do not have physical locations,
but also because they offer simpler products, allowing for the least amount of
initial capital and investment. Reading McKinsey's article "Building a Digital
Banking Business," the difference is very apparent: the IT cost of a new bank
is about half that of a traditional bank. Despite a large number of users and a
16
very lean cost structure, revenues are still less than costs, which leads to
negative profits. For example, Revolut made $221 million in revenue in 2019,
but faced a cost of $352 million, resulting in an actual loss of $131 million.
But what allowed analysts to change their views on the future of banking were
the changes in the relationship between customers and digital institutions
during the global Covid-19 crisis. This relationship should have strengthened,
but it was so unstable that it weakened during the pandemic. In fact, due to the
general reduction in consumption, card usage was significantly reduced,
leading to reduced new bank revenues and a substantial increase in losses,
which led to a distrust of new banks.
An important and illustrative event is that at the end of the restrictive antivirus regulations, the valuation of Monzo (Monzo Bank Ltd, is an online bank
and a UK-based financial technology company Monzo was one of the first
app-based "internet-only banks" in the UK.) plummeted from $2.6 billion to
$1.6 billion.
In this "crash" the outcome may not be a foregone conclusion. In fact, as
Robert Le, a technical analyst at Pitchbook, put it, the outcome may be
entirely unexpected: as we see new banks being acquired by large traditional
banks, they are interested in owning the one valuable asset of virtual
institutions - many users. The future, therefore, will not be disrupted, nor will
it cause great upheaval for consumers, but there will probably be a system in
which two credit intermediaries coexist through a holding company.
17
1.6 The “Banca Sella” case
The strategy used by a particular traditional Italian credit intermediary Banca
Sella is to launch a platform controlled by it.
Banca Sella allows you to receive/send wire transfers, pay by card, have a
checking account and manage everything online conveniently via the app. You
can do any virtual banking, but you don't need a real bank because the account
is provided by Banca Sella itself.
A clever intuition led to the birth of the now famous HYPE card, which
currently has more than 1 million users. The management of overdraft and
savings is not included in the service, because HYPE is aimed at a specific
group of customers: young people rather than people very interested in
advanced features, but very concerned about costs and user experience.
The last two factors are the key to the success of the Sella branch, which with
an average annual balance of fewer than 2500 euros offers services at no cost
and a pleasant and fast customer experience. Thanks to their marketing
campaigns, they have moved away from the heavy image of credit
intermediaries, so much so that HYPE has exceeded 2.5 billion euros since its
launch and can have 45% of customers between the ages of 18 and 29.
Another example of a similar strategy to Banca Sella is the partnership entered
into between Banca 5 and the Italian-English startup Oval Money, which uses
dynamic or static rounding operations for asset management and subsequent
(optional) investment.
Under the agreement, the Money suffix is replaced by the new name Oval Pay,
emphasizing that it is now possible to apply for an account and an associated
card for online and in-store payments. In this way, Intesa San Paolo Group
makes up for the lack of expensive digital components to manage and invests
in small, easy-to-use funds suitable for digital natives. The partnership allows
18
Oval to exceed 450,000 users, which, given the competitiveness of the sector,
must be very thick numbers.
The success of these projects demonstrates that there is another effective way
for traditional institutions to combat digital intermediaries - joining them
through equity investments or partnerships.
19
CAPITOLO II
FINTECH AND TECHFIN: ANALYSIS AND
COMPARISON
SOMMARIO: 2 FINTECH AND TECHFIN: ANALYSIS AND COMPARISON 2.1 Fintech: birth and evolution - 2.2 Fintech and its role in the post-crisis period
- 2.3 Techfin: a bigger threat than the already feared fintech startups - 2.4 The
regulatory problem -2 .5 Payment services and amazon case
20
2.1 Fintech: birth and evolution
The phenomenon known by the term Fintech (representing financial
technology or technical finance), refers to the use of modern technology to
provide traditional financial services, ranging from the simplest to the most
complex (such as electronic payment, automated consultation, etc.).
The exact timing of when this phenomenon occurs cannot be determined.
What we do know is that with the emergence of the Internet in the mid-1990s,
the development of online trading and the emergence of online banking gave
rise to a period in history that we can define as financial pre-technology.
Another event, which can be related to the birth of the phenomenon we are
analyzing, is the birth of Bitcoin in 2009. This year may represent the official
birth year of financial technology, a new birth. A financial service based on
the elimination of traditional barriers to market entry and a new way of
providing financial services. Moreover, it is no coincidence that this
phenomenon developed and spread almost at the same time as the 2008 crisis.
It could be a response to the public's loss of confidence in the traditional
banking system, which contributed to the demand and exploration of new
realities other than banks. It is not the designer of the crises that occurred in
those years, and it can provide innovative solutions for the delivery of
financial services. Ten years after the global financial crisis, the banking
industry has returned to health because people realize that investing in new
technology is a driver of efficiency. Knowing how to manage rapidly changing
risks and how to seize new opportunities are key to sustainable success.
However, this is unlikely to be permanent. To remain competitive over the
long term, banks must choose to adopt new processes and cooperate with
diverse partners to support investments, provide better services, reduce costs,
manage risks, and protect against new entrants.
21
To achieve these goals, companies should ask themselves some fundamental
questions, such as: what is the strategy adopted to ensure engagement in
technology innovation initiatives, what is its role in society, and how to
innovate effectively; How to implement fundamental changes in a rapidly
changing environment; What skills are needed to support the development of
digital business models; How to transform available technology into digital
technology.
You need to start with an overview of your organization and put on the table
the advantages, disadvantages, threats and opportunities of the ongoing
transformation. Threats come primarily from new entrants, such as digital
banks, financial technology, and institutions that provide high-tech services.
22
2.2 Fintech and its role in the post-crisis period
As mentioned earlier, the first wave of the technological revolution in the
financial world occurred after a major event that particularly affected financial
institutions and surprised most of the players in the financial world, namely
the economic crisis of 2008. Excessive use of complex speculative
instruments, such as derivatives, and huge amounts of loans granted by banks
to people who could not repay the loans (known as subprime mortgages). The
main consequence is the loss of confidence and increased uncertainty about
the health of financial intermediaries has accelerated certain dynamics that
have eclipsed traditional financial institutions. New consumer habits and
preferences have characterized the economic and financial world that has
departed from the crisis due to the unprofitable business model of banks. This
encourages the development of new models and services outside the banking
system and fills the void left by banking institutions. However, it should be
mentioned the period before the crisis, from 1995 to 2008, is defined as
PrefinTech to indicate the period before and preparatory to the emergence of
the real financial technical phenomenon: Bitcoins, in 2009.
When we talk about prefintech we refer to a short (about 15 years) but intense
period, also called "Son of the Internet". It is precise with the advent of the
Internet that we are witnessing the rapid development of a specific sector,
namely the development of online trading and online banking. This system
and practice first developed in the United States, and then in the 1990s arrived
in Italy. They consist of a series of services, these services can be used
remotely, at home or in the office, telematically without physical movement,
so as not to waste unnecessary time in travel.
Through online banking we have witnessed a real revolution in the use of
banking services and other services, allowing customers to use them from the
comfort of their homes, avoiding the need to visit any branch in person, but
23
only for simple and not so "risky" operations, such as checking account
statements and transferring funds, cell phone top-ups, online payments and
other operations. Later we will see, moreover, how the advent of smartphones
has only amplified this phenomenon.
Why do we call this period PreFintech? Because there was a decrease in the
overwhelming power of the traditional financial world, which had been the
only point of reference up to that point. The first signs of this change in trends
can be traced back to the time when the famous Visa and MasterCard credit
cards were established, which made the banking system begin to abandon part
of its "monopoly" on third party customers. It is from here that the idea of the
bank as the only universally imaginable model, the only point of reference and
the only institution dedicated to everything and everyone began to falter.
Until now, branches were considered a place where people felt safe and that
inspired unquestionable trust, but as already mentioned it was the crisis of
2008 that was the main reason for the failure of this relationship of trust
between banks and customers. The strength of the fintech world is the ability
to put people first by making them feel part of something, and making them
feel understood by providing tailored, fast, and easy to understand solutions.
Fintech presents itself as a technological and social revolution, the essence of
which is the relationship with customers, and which does not require an
intermediary because it is a technology that allows people to connect and with
financial institutions. Aspects that were almost impossible to hypothesize a
few years ago, and launched themselves in an unexpected and unstoppable
wave, putting pressure on institutions that could not react at the same speed,
especially in a short period. From the perspective of traditional banks, what
makes everything more complicated is the emergence of smartphones, which
led to the second phase of the development of online banking, the so-called
24
mobile banking. With mobile banking, customers not only feel they can access
the bank but much more. They feel they can access the bank from anywhere
because banking has become both portable and convenient. This is another
aspect that puts pressure on traditional banking institutions consisting of
branches, direct user contact and physical channels. Mobile banking destroys,
at least to some extent, all the seemingly unshakable things by making
financial services more accessible. The surpassing and most surprising factor
is the fact that, yes, banking services are available anytime and anywhere, but
more importantly, these services have become more accessible, even for those
generations or those who may have been excluded for whatever reason in the
past. This shows that mobile is not only a high-tech tool but also a powerful
tool with inclusiveness, globalization, and banking disintermediation
capabilities. Adapting mobile devices to the field of financial services is a real
revolution because it makes it possible to make payments via mobile devices,
download applications that allow you to bank directly from home and the
possibility to borrow via online platforms. All transactions are available. The
development of technology has transformed financial services from slow and
complex to simple and fast.
It is technology applied to finance that defines the term fintech. Everyone
around the world can get financial services at an incredible speed, anytime and
anywhere. The speed of responding to user requests is one characteristic that
makes the fintech phenomenon more popular among new generations of
consumers than others that are more in demand than in the past. The ultimate
goal of fintech is precisely to provide products/services with revolutionary
changes in delivery methods. To provide products/services based on a better
customer experience, so that they can be used across multiple channels
simultaneously; to provide products/services that are cheaper due to reduced
costs related to physical space reduced through financial technology; that
everyone can use, even people with "low skills." Changes in supply related to
25
evolving demand led to changes in the supply-demand relationship, where
demand increasingly tends to have most of the decision-making power, while
supply tends and will increasingly tend to have to adapt to application
demands. The advantage of this "new" proposition and the new player in
technical finance is that they have been able to emerge and operate in a closed,
protected, and regulated environment quite effectively in a short period. Banks
and other departments have launched successful initiatives that can provide
sufficient answers to the need to provide services that need to be as direct, fast,
transparent, and improvable as possible from all perspectives, allowing for an
extension to their expertise as well. This improvement can only be made
possible if the offering seeks to seize the opportunities for improvement, not
just the threats inherent in the phenomenon in question.
Change is not easy. It is easier to be paralyzed by everything that has been
considered "law" for many years, for fear of dealing with the changes that are
happening faster than but. But that is not necessarily a valid reason for
stagnation. We must accept the challenge and participate in it in order not to
fall behind. This is what fintech startups do: with their agile, lean business
model and technology, they focus on simplified innovation, on their ability to
communicate in the same language as innovative channels, through the
interaction of online mobile and Internet channels.
One example, although it is far from the sector we analyzed, concerns a
platform that manages online bookings between individuals, which was
created in 2007: we are talking about Airbnb, although it is not the first
platform to provide such services. The service is the first to recognize the
inherent opportunity to focus on simplifying the services provided to
customers.
26
First, it begins to outsource image production to a team of experienced
photographers. The latter's job is to enhance the website by focusing on
uploading images of rental accommodations that convey emotion to the people
on the other side of the screen. Even a simple photo, no matter how well taken
and presented, can trigger a wave of emotions in the viewer's mind, thus
enticing them to choose one type of accommodation over another, which
seems trivial, but is not. Airbnb didn't stop there. In 2016, the platform was
valued at around $30 million, which is much higher than the value of many of
the world's most famous hotel chains that have many more rooms than the
platform.
Another example would be Mytaxi, an app that allows those in need to find
the nearest cab and book it in real-time. It should be pointed out that this is
almost identical to the traditional service we have been used to. The difference
is that waiting times are reduced because our cab can arrive with just 2 clicks
on the phone, and there is no cash payment because everything is done
automatically by storing credit card information on the app.
If people need simplification of services that are already very simple in
themselves, imagine the need to simplify processes in industries like finance,
which provide more sophisticated and complex services.
Consider the difference between the banking interface and the reality of
fintech: the former is based on a top-down approach, and the latter is based on
a bottom-up approach. One example is Simple, which was acquired by
Spanish banking group BBVA. It is characterized by speed of response and a
simple and intuitive interface.
Another example is Satispay, the first Italian startup to enter the top 100
fintech companies. This is a platform that anyone with a bank account can use
via smartphone, which allows you to exchange money with contacts in your
27
address book, make phone top-ups, and make payments at affiliated
institutions and online merchants.
The advantage of these new realities is the interface designed specifically for
cell phones, which can quickly connect banks and customers. Many banks are
working in this direction, trying to completely change their image, their
strategy, their business model, and their mentality, which requires a waste of
energy, time, and resources. Although this revolution requires commitment,
the important thing is not to stand by and watch, but to act, to seize
opportunities and to respond to competitors' threats with equally competitive
offers.
Therefore, starting in the 2000s, the conception that people had of banking
institutions began to change, the way people use banks, products and services
changed, especially changing their expectations. This has been a very rapid
change, able to break those obstacles that seem insurmountable, all thanks to
the network that makes everything more accessible, understandable, usable,
simple and above all reliable.
These are the keywords to trace the path of Fintech, to clarify that it is not
simply a matter of applying technology to a small sector in transformation, but
a profound change that has not changed the banking sector but has changed
everything.
The FinTech phenomenon and the success of FinTech companies/start-ups
have happened because they have grasped the opportunities and potential of
this change. After all, their operating methods meet the needs and expectations
of their customers and improve on the outdated dynamics of the past. Before
the relationship with the bank's customer was completely based on a face-toface relationship, the customer depends almost passively on the institution,
which is considered the only expert and the only one who can guide the
28
customer's choice, after the figure of the customer is more incisive and can
make decisions independently, thanks to the new technologies at his disposal,
which allow him to become the author of his actions.
29
2.3Techfin: a bigger threat than the already feared fintech
startups
So far, there have been multiple definitions of financial technology
phenomena, Arner's classification associating the term Fintech with any
technological use that provides financial solutions. This definition is rather
vague it can include any financial intermediary that uses technology,
considering that there is currently no one or no website, and any company that
operates in different fields still provides at least one financial service through
the use of technology, such as Google and Google Pay. All this makes the
construction of this phenomenon very complicated, but as the various analyses
cited in the Consob document show, it is still a recent and rapidly expanding
case.
"The Development of Fintech: Opportunities and Risks in the Financial
Industry in the Digital Era," including the Accenture report (2016), which
points out that the amount of equity financing of fintech companies has
increased tenfold, and the KPMG report. In particular, looking at the latest
data on financial technology investment on KPMG's official website, it can be
seen that in just one year, from the second half of 2018 to 2019, the latter
increased from 111.8 to 135.7 billion US dollars, an increase of 21.38%,
which helped quantify the volume of business and its expansion.
With this in mind, it makes sense to introduce the difference between Fintech
and Techfin designed by A. Zetzsche, so all companies that initially operate in
the technology sector and then add only one or more financial services to their
value chain should be classified as Techfin, while the first category belongs to
start-ups focused on certain financial sectors where the presence of existing
players is lacking or even absent. According to this theory, traditional
30
financial institutions, such as traditional banks, should not be considered
fintech companies, so they belong to their category.
Therefore, from a complex and vague phenomenon, we have drawn three very
different players: Techfin, Fintech and traditional intermediaries. I think
further clarification regarding the last two mentioned is appropriate. The key
analysis to use is technology.
More specifically, it is precisely because of the main technical features of
virtual banks that virtual banks will retreat in the list of fintech.
We have already talked indirectly about fintech, traditional intermediaries and
their relationships in the previous chapter, in this chapter, we will focus on
Techfin and its high risk for existing companies. From this point of view, it is
useful to differentiate further: in Techfin, those technology companies that
develop financial services and applications should not be considered because
they are better classified as providers, considering that technology is the final
product and not the interlude as on the contrary for Techfin. The latter can be
divided into different types of companies all characterized by the fact that they
have a lot of consumer data.
Traditionally, the only holders of useful data that can determine the price of
loans and insurance are banks, which build their databases by analyzing
customers' financial history and questionnaires about income, expenses, goals,
and experience. Techfin can use an infinite amount of data compared to data
obtained through traditional methods, thanks to the technology and the
departments in which it operates. More data can more reliably estimate any
type of risk, more accurate credit and insurance pricing, and lower losses.
Take Google, for example, you can access the searches made by each user, if
you develop an algorithm that associates preferences with credit risk will have
a huge advantage over banks in terms of risk management.
31
Generally, companies join Techfin through three stages: acquisition of
customer habits and payment data from existing businesses, development of
algorithms capable of converting the collected (unstructured) data into specific
information and use of this information to provide the same Customers with
personalized financial services. The process described above allows them to
respond to requests or predict consumers' financial needs, thereby increasing
their spending power.
Based on this, Techfin's competitive advantage has been established, which is
why they are so dangerous to traditional institutions; when considering the
enormous economic resources they can control, it is clear that the threat posed
by Techfin is more serious than Fintech startups.
Techfins can implement strategies by taking advantage of regulatory
disparities in different legal systems because they have initiated a large
number of new activities, both due to the widespread use of digital channels
and the nature of Techfin.
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2.4 The regulatory problem
Before we can introduce the broad topics of Techfin regulation, it is necessary
to determine the areas of activity of these companies to fully understand the
situation and why it is so difficult.
The activities performed are similar to financial technology, and can be
divided into three macro areas: short-term financing, financial management,
and advisory and payment services. The company's business is largely
dependent on the customer data it has, but Techfin may decide to position
itself in multiple areas. Their origins in technology and subsequent interest in
financial services have not led them to be classified as traditional
intermediaries, so their discipline is controversial. Specifically, should they
follow the rules of existing institutions or introduce temporary rules? If so, as
the Consob document "Development of Fintech" states, only the performance
of one of the activities belonging to the former macro category will allow
Techfin financial intermediaries to ensure the health of the financial market
and the protection of customers. The regulations are not suitable for Techfin to
a certain extent and this solution is too simplistic because it does not take into
account the different nature of Techfin and certain circumstances related to it.
First, the algorithm can make incorrect predictions due to system errors, which
will lead to an unknowingly dangerous increase in ongoing risk. Through
specific regulations, this risk can be reduced through two parallel paths: by
licensing these algorithms so that regulators can verify their proper
functioning, and through requirements to distinguish between the services
provided by Techfin, because they very often focus on specific market niches.
Another problem concerns the use of sensitive data (gender, nationality, place
of residence, etc.) in the algorithms. Indeed, an automated system without
human judgment can lead to illegal and very unethical discrimination, such as
suggesting a lower interest rate to a certain nationality just because the data
33
shows a better credit score. This cannot be ignored, because it will also violate
a fundamental principle of any society: human equality. Here the solution also
lies in the law, protecting sensitive data and establishing anti-discrimination
rules, making the use of such data completely unnecessary.
Finally, there are issues of taxation and unfair competition. Techfin has many
economic resources and can be located anywhere in the world, thus being able
to avoid (rather than evade) high taxation systems. So, how do you collect
taxes on these companies? It is not based on the location of the registered
office, but on the location of the server, the client from which the data is
extracted, and the target client selected by the algorithm. For the unfair
competition, the risk is that the data becomes a barrier to entry, leading to the
formation of an oligopoly, or worse, a monopoly. This case is quite
complicated and can only be solved through the complex mechanism of antimonopoly law unique to each country.
So far, some solutions have been proposed to prevent specific cases that pose a
risk to society as a whole. However, in addition to Techfin regulation, there is
an alternative theory, namely the deregulation of traditional intermediaries. A
very Smithian theory, it is in favour of innovation and progress, but in the
financial world, this does not make much sense, because everyone remembers
the causes of little regulation on subprime mortgages. Techfin currently poses
only a potential threat, because few people are entering the third stage and
providing financial services. This situation has led regulators to implement a
rather special strategy called "wait and see." This choice to wait and watch
before taking legal action is because premature action may slow down or even
stop the Techfin phenomenon, thus depriving the company of important
innovations in the financial world in terms of cost reduction and new ways.
Considering that Techfin has demonstrated an ability to conduct regulatory
arbitrage also requires an organic international discipline to make it easier to
understand the "wait and see" of the authorities.
34
However, waiting too long can result in huge costs for society, because
traditional intermediaries will lose more and more competitiveness and turn to
Techfin and, due to the lack of adequate supervision, this will lead to a
significant increase in the level of risk in the financial market (For all the
problems mentioned above), can result in a financial crisis, with obvious
consequences for every economic sector
35
2.5 Payment services and amazon case
Apple Pay and Google Pay are two different applications from their respective
tech companies, and their functions are very similar: to replace traditional
cards with electronic devices in cashless payments. You just need to bring
your smartphone (or smartwatch) close to the POS to make transactions below
a certain threshold (25 euros in Italy), and if you exceed that limit you need to
enter a confirmation code on your device. These two systems also act as
wallets, in addition to payment cards, they also allow you to store e-tickets
(aeroplanes, trains, cinemas, etc.) and membership cards (supermarkets, eshop chains, etc.). The substantial difference between the two lies in the
agreements with banking institutions, for example, Apple Pay has formed
more partnerships and therefore ensures greater compatibility than its rival
Google. Given that technology companies have shown great interest in this
field, from Techfin's point of view, the payments sector is very interesting: in
addition to Google and Apple, there are also Samsung (with Samsung Pay)
and Amazon, Facebook and Alibaba and WeChat have invested and launched
various financial services related to payments.
The reason for this intense interest is obvious: since all companies come from
one technology sector, the payments system represents the most direct
ideological bridge between technology and finance.
As Techfin is at the most advanced stage in the field of payment services, the
need for oversight will take precedence over other financial activities.
First, a clear case definition must be provided to set the boundaries for the
phenomenon to be regulated.
Once the method of inclusion (and exclusion) of legislation has been
determined, the actual supervision can be carried out.
The first step is prudence, including defining the minimum requirements that
all companies providing payment services must meet to obtain a license to
36
continue providing those services. The most common requirements in the
financial industry that also apply are initial capital, customer information
requirements, and transparency requirements. These can be combined with
micro-prudential oversight by selected independent agencies to verify the
security and proper functioning of the systems, programs and infrastructure
used to process payments.
The second step involves the classification and management of risks.
Specifically, there are five types of risks related to payment services: fund
protection, financial integrity, network and data security, and access and
interoperability to payment systems. Fund protection refers to the situation
where the company does not have sufficient funds to meet customer needs,
resulting in insolvency and harm to all depositors. Even funds in transit run
this risk, so they must be considered in their management. There are usually
two actions that can be taken: impose additional reserves to act as a buffer in
the absence of liquidity; establish a fund to protect deposits (and funds in
transit) to ensure repayment of funds to each user. Within a certain maximum
limit (A tool very similar to insurance already used by banking institutions,
including FITD). Financial integrity refers to the risk of a particular payment
system being used for money laundering or terrorist financing. Integrity,
therefore, must be understood as ethical and can be pursued by following the
guidelines issued by the Financial Action Task Force (FATF) in the 2013
document "Anti-Money Laundering and Terrorist Financing and Financial
Inclusion Measures," based on Deposit and Transaction Volume analysis.
With a view to digital channels, as mentioned above, network and data
security cannot be ignored, i.e., the security of the payment system itself and
respect for the privacy of data use. To manage technical risks, companies may
need to implement antivirus, updates, regular backups, and multi-factor
authentication (such as passwords and SMS codes). In terms of privacy, the
37
solutions identified in the last paragraph are the most appropriate, protecting
the most sensitive data (prohibition of use) and anti-discrimination rules.
Managing the entry of new participants into the economic system is always
complicated, because on the one hand there is the risk of overprotecting
existing participants, thus limiting competition and innovation, and on the
other, protecting old participants can make them disappear. This trade-off is of
course a feature of the payments industry as well, and there is no single
solution for managing how new companies enter the system because each
country can take on lesser or greater risks depending on its level of banking.
For explanatory purposes, reference is made to the selection of eligibility
criteria for entry into the payment services industry. The last risk is
interoperability: payment systems must be compatible with each other,
otherwise, the market will be segmented, with quite unpleasant consequences
for consumers, who will be forced to subscribe to multiple payment services.
After looking at regulatory tolerance, risk, and how to manage it, the last step
in regulating this market is to combine all the previous steps into an organic
framework, adapt it to a specific country, and open it up to everyone in a
transparent way, thus constituting the actual legal model. This model can
eventually be adopted in specific countries/regions by modifying existing laws
or introducing new laws specific to payment systems.
I would also like to talk about a famous company that has always been
considered an excellent Techfin because it has very useful data about its
consumption habits and sellers: Amazon. Amazon got the title of Techfin a
few years ago because the Amazon lending platform has been around since
2011 and sellers can get short-term loans through the platform. In mid-2017,
loans of $3 billion were issued to more than 20,000 companies, given the
success of the initiate, in 2018 a cooperation agreement was signed with Bank
of America Merrill Lynch to increase the maximum loan amount to $750,000.
38
This brings the loan in 2019 to $5 billion since its launch, an increase of $2
billion in a year and a half. The positive results of the Amazon lending project
that began nearly a decade ago are now so evident that two new partnerships
have been signed-in 2020, one with Goldman Sachs in the U.S. to increase the
credit limit to $1 million and "the other partner with ING in Germany to land
in Europe, as Amazon loans are currently only open to U.S. sellers. Amazon
hasn't stopped B2B (business-to-business) lending and has developed several
financial services over the years, such as the Business Prime credit card issued
by American Express, aimed at attracting new sellers to the Amazon platform.
Disregarding financial history, it is useful for those who cannot get credit
cards from traditional institutions due to past problems, and it gives them
access to a range of digital tools to improve their business management. So
far, the products described are only suitable for business customers, but that
doesn't mean Amazon isn't interested in B2C (Business to Consumer) services,
as evidenced by its consumer lending business, and Amazon Pay platform.
In terms of consumer lending, Amazon has launched several credit cards with
a range of partners to increase sales on its website and expand its Prime user
base. Many cards have additional benefits for people who participate in the
Amazon Prime program.
There are currently 6 different types of credit cards available: Amazon Store
Card (and Prime version), Amazon Rewards Visa Signature Card (and Prime
version), Amazon Reload, and Amazon Credit Builder. The first is the
simplest card, launched in 2015 thanks to a partnership with Synchrony Bank,
which guarantees Prime subscribers a 5% cashback on goods purchased on
Amazon; this refund is not provided for basic users. It also provides zerointerest financing for select products on Amazon.com.
39
In 2017, under an agreement with Visa, the Amazon Rewards Visa Signature
Card was born, providing 3% cashback on Amazon (5% for Prime), 2% for
fuel, restaurant, and pharmacy, and 1% for everyone else.
Amazon Reload is the only non-credit card, as the name suggests, it's a simple
reloadable debit card. Whether you're an Amazon Prime member or not, you're
eligible for the 2% cashback purchased from Amazon.
The last card is the newest (2019), and the most interesting one: Amazon
Credit Builder is very similar to a secured credit card because only a deposit of
100 to 1000 USD is required, which will offset the card's limit. Even people
with bad credit data can access it to provide a chance to improve credit records
and get regular credit cards.
Since 2007, Amazon has also been actively participating in the Pay with
Amazon payment system, which is a B2B solution, but it was defeated in
competition by Paypal. Bezos, however, did not abandon this field, but
decided to focus on B2C and launched Amazon Pay, which is a digital wallet
that allows you to make purchases on Amazon and external sites with a "Sign
in with Amazon" button. Here, you don't need to enter your payment details on
these websites, but simply sign in with your Amazon account to complete your
purchase. This is very similar to the service provided by Paypal but allows
people who don't have a Paypal account and are used to shopping on Amazon
to shop faster and more securely. These are just the most successful initiatives
that Amazon has launched in the financial sector, there are many others under
development, such as Amazon Go, which can do the shopping in participating
supermarkets without having to pay at the checkout, in fact, through a
monitoring system carried out by hundreds of cameras, allows you to
automatically insert the products taken from the shelves in the cart amazon
and pay "automatically" at the exit from the store.
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CAPITOLO III
FINTECH AND TECHFIN: ANALYSIS AND
COMPARISON
SOMMARIO: 2 FINTECH AND TECHFIN: ANALYSIS AND COMPARISON 2.1 Fintech: birth and evolution - 2.2 Fintech and its role in the post-crisis period
- 2.3 Techfin: a bigger threat than the already feared fintech startups - 2.4 The
regulatory problem -2 .5 Payment services and amazon case
41
Il processo di digitalizzazione dei servizi finanziari e la presenza del fintech
nel mercato rappresenta un serio problema per gli intermediari tradizionali.
L'attuale modello bancario, infatti, non può più essere adottato, in quanto
potrebbe esporre le banche tradizionali ad attacchi sfaccettati, aumentando la
pressione dei concorrenti, riducendo i profitti e costringendoli a correre più
rischi per sopravvivere. Le conseguenze di questo processo sono chiare: il
fallimento di alcune istituzioni tradizionali (supponendo che si presuppone un
rischio maggiore) e un aumento generale dei livelli di rischio in tutto il settore
finanziario. L'attuale modello di business delle banche è obsoleto rispetto alle
fintech, d'altra parte, le fintech possono migliorare l'efficienza e ridurre i costi
perché possono aggirare la regolamentazione e gli investimenti di capitale a
cui sono soggetti gli operatori tradizionali. In questo lavoro vengono discussi
più volte problemi specifici e possibili soluzioni derivanti dalla
digitalizzazione. Ma la realtà è che il futuro del sistema finanziario dipende
solo dalla capacità delle banche tradizionali di innovare i propri modelli di
business e gli scenari possibili sono solo tre: dominance tradizionale,
dominance fintech e coesistenza. 51
I primi due sono casi estremi, con il potenziale per le banche tradizionali di
riaffermarsi efficacemente come unico fornitore di servizi finanziari da un lato
e il potenziale per dominare il settore finanziario e scomparire con gli
incumbent dall'altro. Naturalmente, il caso più interessante è quello
intermedio, che è molto probabilmente data l'entità delle risorse digitali che
esistono nel sistema finanziario. Uno scenario in cui gli intermediari
tradizionali, Fintech e Techfin convivono attraverso un sistema di accordi e
partecipazioni.
Dal punto di vista di una banca tradizionale, ci sono quattro modi possibili per
aggiornare un modello di business e la scelta di uno di essi determinerà tre
possibili scenari futuri.
42
Il primo è un approccio reattivo, simile all'approccio attendista che abbiamo
visto adottare dalle autorità di regolamentazione, sempre in attesa di agire per
vedere come si evolve un fenomeno. C'è ancora il rischio di aspettare troppo a
lungo e investire in tecnologie in fase avanzata, dando alla concorrenza un
vantaggio considerevole. Possibili scenari: Coesistenza o FinTech. L'opposto
strategico dell'opzione precedente è lo sviluppo (in-house) di nuovi modi di
produrre e fornire servizi finanziari attraverso l'uso della tecnologia.
Sicuramente un approccio aggressivo pensato per affrontare in modo
aggressivo la minaccia dei nuovi giocatori, ma anche molto rischioso. Possibili
scenari: campi tradizionali o campi FinTech.
Il terzo è il cosiddetto approccio elusivo, che prevede l'esternalizzazione di
servizi finanziari a società fintech non regolamentate per aggirare la
legislazione esistente. Possibili scenari: Coesistenza o FinTech. Ultimo ma
non meno importante è l'approccio collaborativo. Basato su collaborazioni con
aziende fintech per ridurre la concorrenza e creare sinergie operative. Oltre
alle partnership reali, le collaborazioni includono acquisizioni bancarie
tradizionali, joint venture e outsourcing di società fintech.
È importante sottolineare che, contrariamente a quanto può sembrare, la scelta
dell'approccio adottato non è del tutto libera, ma è limitata dalle condizioni di
una determinata banca. In particolare, i fattori interni da considerare sono la
cultura aziendale, che determina la capacità di valutare gli eventi esterni e
quindi di giudicare se un fintech è un competitor o un partner, le risorse umane
e finanziarie. Sono fondamentali per lo sviluppo operativo e gli investimenti
che consentiranno all'agenzia di adottare l'approccio desiderato. È anche
chiaro che le scarse risorse (come le piccole banche) rappresentano un forte
vincolo alle scelte strategiche. Ad esempio, lo sviluppo interno è un'opzione
impossibile per tali intermediari, data la grande quantità di risorse necessarie
per la ricerca e sviluppo (R&S).53
Per le piccole banche, infatti, l'unico approccio possibile è la collaborazione,
poiché altri approcci richiedono troppe risorse da perseguire, aumentando le
43
probabilità di un futuro coesistente. Finora sono stati presentati altri esempi a
sostegno di ciò, ma c'è un fattore non analizzato che quasi certamente
conferma la visione di un sistema finanziario caratterizzato da banche
tradizionali e fintech che coesistono attraverso partnership e acquisizioni.
Questo elemento è l'entrata in vigore della nuova Direttiva Europea sui Servizi
di Pagamento. Conosciuto anche come PSD2, rappresenta una vera svolta nel
passato in quanto apre un approccio aperto all'attività bancaria, un nuovo
scenario in cui le banche sono obbligate a fornire a terzi l'accesso ai dati
relativi ai conti bancari dei clienti. il consenso di quest'ultimo. In ogni caso,
queste informazioni sono accessibili solo da soggetti terzi regolamentati,
fornendo un vantaggio alle banche che ora possono fare affidamento su questi
dati per fluire liberamente tra istituti bancari (open banking). Inoltre, la
direttiva consente loro di accedere alle informazioni detenute da Fintech e
Techfins, riducendo così il loro vantaggio competitivo basato sui dati. 54
La nuova disponibilità di informazioni è certamente vantaggiosa per la
collaborazione tra banche e fintech, poiché avvicina ideologicamente le due
realtà, limitando la possibilità di conflitto e un futuro dominato dall'una o
dall'altra. A supporto dello scenario di convivenza, l'evidenza empirica è stata
ottenuta anche da uno studio di Alessandra Tanda e Cristiana-Maria Schena
delle scelte strategiche intraprese da 32 banche non di piccole dimensioni. In
particolare tutte le iniziative di digitalizzazione avvengono nelle attività
finanziarie (lending, personal finance, corporate banking, trading, portfolio
management, pagamenti, servizi assicurativi) e nelle attività tecnologiche
(blockchain, data analytics, security) che agiscono sulle attività finanziarie
stesse e sui dati protezione, RegTech). Vengono quindi ulteriormente
classificati in base alla strategia pertinente: acquisizioni, partnership e
sviluppo interno. Così la tabella di pagina successiva ricavata dall'analisi di
Toffa e Schena, pubblicata in "FinTech, BigTech and Banks" (2019) .55 La
prima informazione utile che si può ricavare dalla tabella della pagina
seguente è il forte interesse delle istituzioni tradizionali nel settore dei
44
pagamenti, come dimostra la pletora di iniziative. Questi ultimi, inoltre, sono
principalmente attribuiti allo sviluppo interno e alle acquisizioni, a
dimostrazione della volontà di competere con Fintech, in quanto, come più
volte sottolineato, Techfin è il settore dei servizi di pagamento dove è
maggiormente attiva. Confermando così i pericoli di questi nuovi concorrenti.
56
Un altro fatto importante è il gran numero di acquisizioni nello spazio
blockchain, il che è comprensibile considerando l'alto costo dello sviluppo
interno della tecnologia. D'altra parte, lo sviluppo interno si è rivelato
un'attività più tradizionale per queste istituzioni solo nei settori della finanza
personale e della gestione del portafoglio, rilevando una certa disponibilità a
proteggerle dagli attacchi fintech e techfin. 57
Il messaggio più rilevante, tuttavia, è che la maggior parte delle banche ha
adottato una strategia ibrida, combinando acquisizioni, partnership e sviluppo
interno. Anche l'opzione della partnership sembra essere meno popolare di
altre strategie, perché vista come un'opzione secondaria viste le molte risorse
che le grandi banche hanno e i margini di profitto più bassi garantiti
dall'accordo. Ciò dimostra in primo luogo l'efficacia dell'approccio
cooperativo per le piccole banche, in quanto le grandi istituzioni non
costituiscono un fattore competitivo da questo punto di vista. 58 In secondo
luogo, l'uso di strategie ibride conferma gli scenari di convivenza futuri. A
prima vista, questa conclusione sembra controintuitiva e contraddice quanto
detto prima Il fatto che le grandi banche propendano per acquisizioni interne e
strategie di crescita può suggerire che lo scenario di convivenza che fino ad
oggi è stato considerato il più probabile sia in realtà poco plausibile. Non c'è
niente di peggio che sommare i programmi di acquisizione e di partnership,
che sono più che lo sviluppo interno di ogni attività, escludendo i due
considerati più core (finanza personale e portafoglio) che la banca è
chiaramente interessata a difendere.gestire). Sia le strategie di acquisizione
che quelle di partnership sono compatibili con i futuri modelli di convivenza.
45
La convivenza, infatti, non va confusa con la collaborazione, questo è solo uno
scenario in cui l'immagine di Fintech e Techfin convive con gli intermediari
tradizionali, nessuno dei due ha un chiaro vantaggio. Potrebbe non essere una
completa convivenza pacifica, ma è anche davvero difficile vedere uno di
questi due numeri scomparire completamente dal sistema finanziario, poiché
le banche mostrano una preferenza maggiore per acquisizioni e partnership
rispetto allo sviluppo interno, le uniche aree che possono esportare aree
tradizionali O strategie nello spazio fintech.
Dopo aver esaminato le prospettive future di piccole e grandi banche nel
contesto dell'espansione del FinTech e del fenomeno FinTech, ipotizzando
differenti performance future del sistema finanziario e fornendo evidenze
empiriche a supporto dello scenario più probabile (convivenza), non resta che
muoverci ad analizzare la nuova banca virtuale.
Per definizione, le neobanche dovrebbero essere classificate come fintech,
anche se in realtà si trovano a metà strada tra queste ultime e le banche
tradizionali; il fatto che i loro piani aziendali siano basati sull'uso massiccio
dei canali digitali le avvicina al fintech, ma è anche ampiamente diffuso
regolamentato e quindi assimilabile alle istituzioni tradizionali.
Nel Capitolo 1 abbiamo discusso ampiamente delle banche virtuali, ma ci
siamo concentrati sulle neobanche indipendenti gestite da operatori che
cercano di fornire servizi bancari di base (pagamenti e conti correnti) in un
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modo nuovo, più efficiente ed efficiente. Stile fintech. . Come accennato in
precedenza, questa tipologia di banca è destinata ad avere una vita breve per
l'impossibilità di generare profitti. Anche in quel capitolo viene esposto un
esempio di neobanca dipendente, Widiba. In realtà sul mercato esistono
diverse banche digitali che sono intermediari tradizionali, si differenziano dai
servizi indipendenti principalmente per il numero di servizi offerti. Possono
infatti creare sinergie operative con gli enti o gruppi di appartenenza per
migliorare l'attività finanziaria sia qualitativamente che quantitativamente,
lontano dai settori base dei pagamenti e dei conti correnti, tipicamente banche
indipendenti della new economy. 59 Esistono però anche banche digitali
appartenenti a Techfin. Questo è il caso di Ant Financial e MYbank, che sono
di proprietà della società madre Alibaba. L'obiettivo del colosso cinese è
chiaro: supportare il core business dell'azienda con servizi finanziari accessori,
come sistemi di pagamento e prestiti per gli utenti della sua piattaforma di ecommerce. Anche in questo caso è necessario generare sinergie operative
attraverso dati ricavabili dal business principale. Ciò consente ad Alibaba di
fornire servizi a tutta la popolazione che vive in aree non coperte dai servizi
bancari tradizionali, naturalmente in parte grazie alle modalità di consegna
digitale. 60
Oltre a possedere nuove banche, alcuni Techfins hanno anche stretto
partnership con istituti tradizionali per ampliare l'elenco dei servizi forniti ai
propri clienti, consentendo loro di ottenere servizi più complessi, solitamente
monopolio delle banche tradizionali. 61 Molte neobanche virtuali
appartengono a banche tradizionali e techfin, e le banche indipendenti non
possono generare profitti, il che non fa ben sperare per queste ultime. Come
già ipotizzato all'inizio del discorso, questo tipo di intermediario potrebbe non
rappresentare il futuro, né cancellerà le banche tradizionali. È più ragionevole
aspettarsi che vengano gradualmente acquisite dalle banche tradizionali e da
Techfin, il che non significa la loro scomparsa, ma solo che le neobanche
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indipendenti potrebbero non essere in grado di resistere alla forza competitiva
che attualmente esiste nel sistema finanziario e diventare dipendenti.
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CAPITOLO IV
CONCLUSIONS: CONSIDERATIONS ABOUT
FINTEGRATIONS
49
Abbiamo visto che con l'ingresso nel mercato finanziario di nuovi attori come
le start-up fintech e i colossi digitali (i cosiddetti GAFA), la "trasformazione
digitale" allontana le banche dalle loro case ed è costretta a cambiare
completamente il concetto di fintech. bancario. Inoltre, lo strapotere del
mondo Internet e degli OTT (Google, Facebook, Apple, ecc.) vede il settore
bancario come un allettante bacino di profitti.
Inoltre, le loro enormi risorse finanziarie, la capacità di implementare
piattaforme di trading, soluzioni di pagamento mobile che possono colpire
centinaia di milioni di clienti in tutto il mondo e trilioni di dollari di risorse
finanziarie in custodia possono rappresentare un'enorme minaccia per il settore
bancario del sistema. Le banche, quindi, devono intercettare questo
movimento, accettarlo ed eventualmente controllarlo con logiche difensive per
non esserne escluse. Pertanto, le banche si modernizzano, collaborano e
soddisfano il mondo di Internet, perché è qui che si trovano i clienti e i loro
comportamenti. È la rivoluzione dell'immagine del consumatore il motore
fondamentale che spinge le banche a mettersi in discussione ea guardare per la
prima volta le offerte dei nuovi player digitali quasi con “paura”.
Perché le offerte new player sono offerte perfettamente adatte ai nuovi clienti,
offerte "misurate", offerte ricercate in ogni dettaglio, offerte sviluppate in base
alle caratteristiche di ogni cliente e quindi altamente personalizzate, grazie a
Internet, ai social , i dispositivi mobili, in particolare l'utilizzo degli
smartphone, offre un mondo intuitivo e facile da usare attraverso il quale
rispondiamo a ogni nostra esigenza con un semplice tocco dello schermo.
In tutto, tre quarti del nostro tempo lo trascorriamo su dispositivi mobili,
smartphone e tablet in primis, e questa "dipendenza" non potrà che aumentare
nel prossimo futuro. Le piattaforme che forniscono soluzioni online saranno
sempre più utilizzate e le aziende avranno sempre più bisogno di migliorare gli
strumenti che offrono per soddisfare queste esigenze in tempo reale, con
conseguente alto livello di soddisfazione e accettazione del cliente. Questo è
l'unico modo per sperare di rimanere sul mercato, soprattutto dimostrando la
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propria competitività e soddisfacendo le esigenze sempre più sofisticate dei
consumatori. Se i clienti di oggi hanno bisogno e si aspettano l'accesso a
prodotti e servizi ad alta tecnologia, ciò è coerente con la trasformazione
digitale che è penetrata in ogni settore, che contiene fattori di qualità
indiscutibili che soddisfano non solo le semplici esigenze di crearli, ma allo
stesso tempo , Per offrire ai consumatori una vera esperienza del cliente, di
cosa hanno bisogno tra qualche anno? Banche e sempre più soluzioni virtuali,
quindi alle banche mancherà sempre più lo spazio fisico (come gli sportelli
bancari), che ha un effetto immediato sulla riduzione dei costi, e favorisce le
spese di manutenzione dei conti correnti, le spese di transazione, dovute
all'online banking Uso estensivo , il vantaggio di fare la fila nelle filiali non è
più efficace. In breve, mentre la regolamentazione del sistema bancario
fornisce un utile filtro e difesa contro l'ordine costituito, non può ostacolare il
progresso tecnologico perché sarebbe miope. Ne sono un esempio gli stessi
colossi digitali che, pur avendo iniziato ad operare in un mondo altamente
regolamentato come quello finanziario, lo hanno fatto senza le regole rigide e
draconiane tipiche del sistema bancario tradizionale.
Di fronte a uno scenario così chiaro, con le grandi aziende tecnologiche che
rappresentano una "minaccia" non solo per le banche tradizionali ma anche per
le stesse startup fintech, la soluzione ideale in teoria e in pratica è combinare
la potenza di Gli elementi chiave di un start-up tecnologica per collaborare e
integrarsi per dare vita alla realtà con competenze, competenze, tecnologia,
risorse, ecc., ne fanno un forte contendente per i giganti digitali. Quindi, da un
lato, vediamo le banche che offrono startup:
enorme investimento di capitale;
competenze e conoscenza del sistema bancario;
Godono di una clientela indiscussa;
In termini di reputazione e fiducia in loro, la posizione dell'azienda all'interno
dell'azienda è solida e solida.
D'altra parte, vediamo startup fintech che offrono alle banche:
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o Conoscenze e capacità tecniche;
o Flessibilità grazie alle ridotte dimensioni;
o Offrire prodotti/servizi limitati per ridurre i costi;
o Offrire prodotti/servizi digitali che ben si adattano ai nuovi profili dei clienti;
o Capacità intelligente di rispondere alle richieste dei clienti in tempo reale,
fornire
Piattaforma innovativa, semplice ed intuitiva, quindi adatta a tutte le tipologie
di utenti; o Nessun sistema legacy. La combinazione di questi fattori rende
Fintegration la soluzione perfetta non solo per il presente, ma soprattutto per
gli scenari futuri. Uno scenario che si preannuncia più competitivo e
complesso, soprattutto in termini di impegno e creatività richiesti dalle aziende
per progettare, sviluppare e realizzare un'offerta che deve rispondere a bisogni
e desideri che sarà più informata, connessa, propositiva, esigente Alta,
insaziabile, ecc. Quindi sì, sono fermamente convinto che Fintegration
dovrebbe essere presa in considerazione anche dalle banche che non l'hanno
ancora fatto, e presto perché il mondo sta funzionando e il mondo si sta
sviluppando, cambiando e rivoluzionando a un ritmo senza precedenti. , una
velocità che richiede alle banche e ai nuovi attori di cogliere con la stessa
rapidità nuove opportunità di crescita e sviluppo. Chi coglie le opportunità che
questa collaborazione crea e creerà oggi può essere ritenuto idoneo ad operare
nell'era in cui viviamo, un'era digitale basata interamente sulla condivisione e
sulla collaborazione. Non solo le parti coinvolte beneficiano di questa
integrazione, ma soprattutto i consumatori stessi, ai quali viene presentata
un'offerta innovativa, completa a 360° e ben adattata alle loro esigenze. Se
qualche anno fa ci fosse stato chiesto di fare previsioni sul futuro del sistema
bancario, avremmo immaginato uno scenario in cui banche e fintech
avrebbero collaborato e integrato i loro principali punti di forza?
Soprattutto, non avremmo mai immaginato che, dal momento che la crisi
economica e finanziaria del 2007/08 ha causato la perdita di fiducia degli
utenti nella banca, avrebbero cercato di ripristinarla con l'aiuto e la
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collaborazione dei seguenti attori durante il periodo di crisi. integrato con il
mondo dei servizi finanziari, importa?
Per molti di noi la risposta è assolutamente no, ma qui stiamo assistendo ad un
fenomeno che possiamo effettivamente definire "nuovo", all'avanguardia,
innovativo, senza precedenti, un nuovo fenomeno in bilico per il futuro
Paradigma, un motto sarà " L'unità è forza"!
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