Financial technology (better known as Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones.
Technological progress and the dissemination of innovation have enabled FinTech companies to emerge. These are currently able to offer products and services in all areas of traditional financial intermediation, often outside the regulatory perimeter. Not only do FinTech companies provide new products and processes, but they also enter the market with new business models and services which respond better to customers’ demands and preferences. Via the unbundling and re-bundling of financial services, FinTech companies are able to specialize in various business segments and potentially disrupt traditional incumbent activities.
It is essential to know that traditional banks conduct their financial businesses with an entirely different set of dynamics. They have strong relationships that have been lasting for years; some even for decades. Their biggest benefit are their branch offices that people stick to, and which create a professional and tangible relationship with their clients.
However, banks still struggle with technological innovations that seem to be taking the world by storm. Many of the initiatives still require a client to visit the physical branch or call the bank’s agents, creating frustrations, especially in this ever-developing world. Plenty of consumers expect banks to be moving towards technological innovations at a fast speed; even though they are moving, we all need to understand that certain barriers take time to be overcome.
Cedrus Investments, led by Mr. Rani T Jarkas, is well-equipped and dedicated to serve international clients with best-in-class full suite of financial services, including sophisticated and objective financial advices, customized investment plans and active asset management, to help them meet personalized investment goals in consistent with risk management and investment horizon goals.