Financial technology, also known as FinTech, is an industry composed of companies that use new technology and innovation with available resources in order to compete in the marketplace of traditional financial institutions and intermediaries in the delivery of financial services. Financial technology companies consist of both start-ups and established financial and technology companies trying to replace or enhance the usage of financial services of incumbent companies. selfindeal.com/about.htm

1. FinTech Platforms
Financial technology, also known as FinTech, is an industry
composed of companies that use new technology and innovation
with available resources in order to compete in the marketplace of
traditional financial institutions and intermediaries in the delivery
of financial services. Financial technology companies consist of
both start-ups and established financial and technology companies
trying to replace or enhance the usage of financial services of
incumbent companies.

2. Definition and key areas
• The National Digital Research Centre in Dublin,
Ireland, defines financial technology as
"innovation in financial services", adding that
"the term has started to be used for broader
applications of technology in the space – to front-
end consumer products, to new entrants
competing with existing players, and even to new
paradigms such as Bit coin" or more generically
speaking, Block chain. Irene Aldridge and Steve
Krawciw note several areas of Fintech
proliferation, including automation of insurance,
trading and risk management, just to name a few.

3. • Looked at from a procedural perspective, the term
'FinTech' refers to new applications, processes,
products or business models in the financial services
industry, composed of one or more complementary
financial services and provided as an end-to-end
process via the Internet. The services may originate
from various independent service providers including
at least one licensed bank or insurance. The
interconnection is enabled through open APIs and
supported by regulations such as the
European Payment Services Directive. These solutions
can be differentiated into at least five areas.

4. • The banking and insurance sectors are distinguished as potential
business sectors. Solutions for the insurance industry are often
more specifically named “selfindeal".
• The solution with regards to their supported business processes
such as financial information, payments, investments, financing,
advisory and cross-process support. An example is mobile payment
solutions.
• The targeted customer segment distinguishes between retail,
private and corporate banking as well as life and non-life insurance.
An example is telematics-based insurance that calculates the fees
based on customer behaviour in the area of non-life insurance.
• The interaction form can either be business-to-business (B2B),
business-to-consumer (B2C) or consumer-to-consumer (C2C). An
example is a social trading solutions for C2C.
• The solutions vary with regard to their market position. Some, for
example, provide complementary services such as personal finance
management systems, others focus on competitive solutions such
as e.g. peer-to-peer lending.

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