Fintech Digest: banks without offices are becoming more popular

Spring has finally come, and with it there have been changes in the sphere of Fintech. Generally speaking, a lot of changes, they occur every day - both noticeable and not so much. But within the limits of the FINTECH digest it is difficult to select all the most significant events, so we selected the most interesting.

Does the bank need an office?

All over the world , “electronic banks” are gaining popularity, which have no offices other than headquarters (perhaps a couple more offices), and who work with customers through their mobile application. This is particularly noticeable in the example of Great Britain. Here the bank Monzo and its “colleagues” are gaining popularity. At Monzo, development is especially noticeable: over the year, the number of clients increased by 300 percent, which, in turn, attracted investors and then again clients.


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The advantage of banks interacting with customers through their applications is the ability to save money - both banks and customers. There are no offices - it means that you do not need to pay rent, there are no all associated expenses, you do not need to pay office staff. For customers, plus lower maintenance costs. Below the commission, there are no monthly or annual payments, there is a solid economy.

Naturally, information about this from person to person (plus, of course, advertising), and banks without offices are actively developing.

AI in the banking sector

More and more banks are beginning to use the opportunities provided by artificial intelligence. Recently, analysts studied the results of a survey of bank managers. The purpose of the survey was to find out why and why banking organizations use AI (of course, its weak form).



The answers are quite interesting:

• The ability to analyze large data and identify hidden links between individual factors that influence one way or another on the activities of the bank. This answer was given by 60% of bankers;
• Increased efficiency of work - both employees and computer systems. So answered 50% of respondents;
• The opportunity to save - 54%.

AI integrates separate databases, which allows you to create and offer customized solutions for different clients. Also, artificial intelligence improves the ability of the bank to interact with its customers. The latter increases the level of loyalty. And yet - experts reassure opponents of integrating AI into banking solutions, saying that robots do not take jobs from people at all. On the contrary, modern technologies enable employees-people to be more efficient by doing more work in less time.

Micropayments - a quick way to get what you want

In China, micropayment services are gaining popularity. Generally speaking, China in terms of the development of this sector ahead of the rest. Already in 2016, the sector reached $ 8.8 trillion (no, this is not a typo). This year, the figure should increase to $ 14 trillion. Well, in 2019, 85% of online payments in China will be in the mobile sector. Only 15% will remain on the share of desktops and tablets.

Actually, the development of the mobile payments sector is quite logical, because it is so convenient - always carry a mobile terminal with you, which can both send money and accept payment. The advantages are obvious: quick and convenient payments without having to pay a fee for withdrawing funds or exchanging money.



In addition to payments, freelance services are being actively developed, the basis of which is services for which the contractor asks for a minimum amount of money. This may be a parcel delivery, grocery shopping, consultation, logo creation or a photo. The maximum amount that a performer can request is about $ 30. The service works on the basis of a map that shows which of the performers is located close to the location of the customer.



In addition, fast rental services are developing in China, including bicycle sharing (analogue of car sharing). You can rent not only bicycles, but also umbrellas, chargers, sports balls and even sex toys.

Such services are convenient, fast, efficient. The customer almost immediately gets what he pays for, and this is the main advantage of such services. Gradually, this area begins to develop in other countries.

Regulation of the cryptocurrency market - the blue dream of officials

Governments of different countries are increasingly claiming the need to regulate the cryptosphere and that "this cannot continue any further." Most often, such thoughts are expressed by officials in China, Russia and the United States. In particular, in China they are going to check the accounts of persons suspected of working in the cryptosphere. If a person is guilty, the account may be blocked, and the guilty will not receive their money.

Less harsh statements follow in Russia, but the demand to begin regulating the cryptosphere comes from officials of various ranks. Not long ago, the time had come to start regulating cryptocurrencies, the Russian president said.

In the United States, too, they plan to tighten control over the cryptosphere. And not always everything is limited only by the statements of officials. For example, at the end of last month, it became known that the US Securities and Exchange Commission began to dispatch court summons to companies and individual experts involved in the ICO. Well, the tokens that were received during the initial placement were recognized as securities.