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    Fintech: Banks and Finance will arise in the world after Covid-19

    Kirey Group

    14 July 2020

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    The world of banking and finance will be increasingly digital

    Fintech is a decisive accelerator to expand the offer beyond traditional banking products and to fill the digital gap with the most advanced sectors. A change in business models and mentality accelerated by the pandemic.

    The Coronavirus emergency has favored the change of habits and needs of people and businesses. This has also had an impact on the financial services system, so that, even in Italy, banks have understood the need to innovate.

    There was already a tendency to abandon cash to switch to electronic and digital payments, but with the Covid-19 the phenomenon has accelerated and banks can no longer postpone.

    Sectors such as digital payments and e-commerce have experienced strong growth: according to Netcomm, in the first four months of 2020 there were two million new online buyers, against 700 thousand last year; Paypal in the first quarter recorded 10 million new active users (+135% compared to 2019), +22% of the total volume of payments.

    The real innovation lies in the cooperation - and not in the competition - with Fintech, which will improve customer satisfaction and loyalty through the expansion of the offer with new products and financial services even not traditionally banking, and a better experience thanks to advanced technological platforms.

    In this new business model, in fact, the difference will be the "customer-centricity" approach, in which the bank becomes the partner of the customer.

    At the same time, banks face investment in IT security: Fintech, in fact, relies largely on applications that access users' financial profiles to perform transactions in real time and that are an increasingly common attack vector.

    According to Check Point, in fact, 27% of companies worldwide have suffered cyber attacks that have compromised the security of mobile devices.

    Kirey Group has developed solutions, in the field of Data Security and Privacy, to accompany banks and the entire financial world in this transition.

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