EYAL NACHUM - FINTECH AND BANKING

1. In this article I'm going to explain the differences between Financial Technology and Banking. We are all familiar with the two terms - one means Internet-based and the other means banking, but there are subtle differences. Fintech refers to new internet-based financial technology, whilst banking refers to traditional banking. The first difference is that Internet-based financial technology is smaller in scale than traditional banking. As a result, internet-based technology companies can often target a more niche market because they don't need to serve the whole of the population. They can use their size to their Eyal Nachum advantage by launching a lot of small loans and saving money. The second difference is that the Internet itself is being digitized and becoming more accessible through better software, better designs and more applications. You can use the Internet to save time as well as money and this in turn makes it much easier for new players to enter the financial sector. With this difference comes an important point about Fintech - Banks are definitely a part of the banking sector but their role has been dramatically changed. They're now looking at the future much differently than the past, meaning that the bank needs to rethink how they work in the financial market. Banks have recently become very aware of the threats to their existence, because digital age has brought the dangers of identity theft and financial fraud to the forefront. For example, if you pay by credit card, or maybe you buy on eBay, then your payment details are stolen. These companies will try to sell them to other fraudsters. Once fraudsters have your details, they can then steal your identity and commit fraud themselves. This is why we should never ever give out our personal details to people we don't know, because these criminals are on the internet waiting to use your information to commit fraud. Today, traditional banks are trying to understand how they fit into the future, where everyone uses the internet to buy and sell goods. The traditional banking sector is heavily investing in the Internet, which is a key strategic market. The more banks that enter the Internet, the more they will lose out. Today, the market for online credit card purchases is about five times as large as the market for physical retail. Imagine how many other financial services companies will enter the market and we'll be back to square one again. Online service providers and retailers would have the power to make savings on their purchases. They would have the power to reduce prices and even make back their investment as quickly as possible. The problem is that banks can only make online financial transaction with other banks - but this means that there's nothing that can stop online financial transactions. It's not enough to protect you against fraud and identity theft, but you must also protect yourself from real fraud. So, what is the role of traditional banking then? Banks are very interested in experimenting with the idea of a hybrid model, combining the best of both worlds. At the end of the day, banks still need to generate revenues from all parts of the market, and you can't keep people from buying things you do not provide unless you lower your prices too. I hope you enjoyed the article about FinTech and Banking – Eyal Nachum. Now, feel free to read another article entitled, Eyal Nachum is Capitalizing on Market Changes. You can find this article at https://newswire.net/newsroom/news/00116709-eyal-nachum-is-capitalizing-on-market-changes.html It is full of information about Eyal Nachum and how him and Bruc Bond believe that the bull market is going to continue and why.