FinTech Guide Chapter 8
FinTechs belonging to this area offer traditional banking services in a modern way, usually through online services or mobile applications as well as ancillary services, e.g. enabling customers to manage their giro- or custody-accounts online and in real time or offering e-wallet services. Keywords in this context are also API-Banking or BaaS/BaaP. API-Banking: API stands for Application Programming Interface and is offered to access data banks and to extract and insert information. API-Banking thus provides customers with access to data-banks of banks in order to offer new and innovative banking applications. An Example of this would be FinTechs providing services which enable customers to manage their accounts online and in real time. BaaS – Bank as a Service/ BaaP – Bank as a Platform: The API-based Bank as a Service platform has a full banking licence allowing it to also serve as the back-end for standalone independent FinTechs, which “use” the licence and the back-end of the bank to offer new financial services, launch additional financial products or expand into additional markets. Mobile banking services will become more and more important as the number of mobile users has already surpassed the number of desktop users:
Source: Morgan Stanley Research
1. Payment Services / Mobile Payment
2. Asset and Portfolio Management
3. Consulting and Broking Services / Robo-advisory / Auto-trading
4. Trading Platforms / Social Trading Platforms / Signal Following
5. Crowdfunding / Crowdinvesting / Crowdlending
6. Virtual Currency - Bitcoin
7. Loan Services / Factoring / Loan Broking / Finetrading
8. Online Banking Services
9. Analytics and Research / Data Management / Risk Management
10. Accounting
11. Identification
12. Online-pawning
13. InsurTech
14. RegTech
15. Initial Coin Offerings (ICOs)
Publication Date: 1 May 2018