| Article |
|---|
| Article name |
BANKS AND FINTECH COMPANIES: COMPETITORS OR PARTNERS |
| Authors |
Kokh L.. , Kokh Y.. candidate of technical sciences, associate professor, y_kokh@mail.ru |
| Bibliographic description |
|
| Category |
Economics |
| DOI |
336.71:339.137.22 |
| DOI |
10.21209/2227-9245-2019-25-6-111-121 |
| Article type |
научная |
| Annotation |
The article analyzes the relationship of Fintech companies as new players in the financial market with banks at the present stage of development of the world and Russian economy. The distinctive features of Fintech companies, which allow them to become the main competitors to traditional banks in the sphere of financial services, are highlighted.
Recognizing the fact of the emergence of new competitors able to press banks on the financial market, banks actively began to use high technologies in their activities. The authors have explored three possible options for the introduction of modern information and communication technologies in the banking business. The first option is to create a new bank (neobank), whose business model will be initially based on the use of online technologies and the development of Fintech companies. The second option is to create a digital bank as a separate subdivision of a traditional bank, but within an automated banking system. The third option is to cooperate with fintech services or to purchase and integrate them into an existing banking business. The distinctive features of business models of functioning Russian neobanks are highlighted. After analyzing a fairly popular hypothesis that banks will cease to exist as independent financial institutions, and Fintech companies will take their business, the article proved the inconsistency of this hypothesis. The article presents the authors’ point of view on the reasons for the popularity of services of fintech companies abroad (using the example of Ireland) in comparison with Russia
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| Key words |
Key words: high-tech companies; fintech; fintech companies; bank; neobank; competition; cooperation; investments in fintech; business model of a bank; digital banking; banking innovations |
| Article information |
Koch L., Koch Yu. Banks and fintech companies: competitors or partners // Transbaikal State University Journal, 2019, vol. 25, no. 6, pp.111-121 |
| References |
References
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