Latest News  

Saxo Bank analysis: Romania, the ideal place for a fintech revolution

Fintech will produce a revolution and is leaving the door open to real challenges, but also with opportunities for those who embrace it, Laurentiu Nedelcu, CEE manager at Saxo Bank said in a recent analysis.

2018-01-19 16:11:03

The spread of new technologies – both in the hardware sector as well as in the development of customer experience is changing forever the way in which financial services are offered.

The innovation based on technology creates new business models with a focus on the client, which will allow medium sized banks to stay agile and answer fast to a period of changes. This will offer them the chance to not only survive, but to prosper. In order to take advantage, a radical change of banking models and mentality is needed, and this seems to start happening slowly in Romania too, the study shows.

The fintech scene is in an early stage in Romania, the Saxo Bank analysis shows, compared to Poland, the Czech Republic, Hungary, and Slovakia, for instance. However, the appetite of the clients for such services is high, the survey argues.

Romania poised for a new fin tech revolution

In a country like Romania, where, from a historic point of view, bank commissions have been among the largest in the region, the prospects for banks that offer alternative and efficient digital services from the point of view of costs for the young generation are very good, the study argues.

It is up to the banks to set up the pace of the change. Whether they admit it or not, they must change their mentality and to start to see digitalisation as an opportunity rather than a threat. Moreover, fintech ompanies must understand that, in order to be viable and profitable, they cannot disrupt the entire value chain of banks. For banks and fintech companies, the answer is to collaborate and the cost of not collaborating will make the difference between survival and success.

Although they are a new concept for Romania, brand collaborators are embedded in the evolution of financial services, the report shows. The author believes that, the next wave of the fin tech evolution will be centred on the natural interactions with technology and we want to identify the ways to ride this kind of trend. All directions point towards AI, which will take central stage in the future, the report argues.
It remains to be seen what the switch to digital will bring on the financial scene of the country, but it will likely lead to the cut of costs for the consumer after the cut and elimination of cuts born by the financial services, as well as to increased comfort. The young generation in Romania is familiarised and open towards fintech, so it is a matter of time before it becomes the norm.


0 COMMENTS ^ Go back to Top
WRITE A COMMENT ^ Go back to Top
 
Your email address will not be published.
Nickname
Email
Comment
Validation Code
   
 
 
NEWS
ABSL Romania announces the 6th edition of the Annual Conference: Romania at the Forefront of Innovation. Entering the Gates of Tomorrow

On October 9th, at JW Marriott Bucharest Grand Hotel, ABSL will host the 6th Annual Conference, under the theme: "Romania at the Forefront of Innovation. Entering the Gates of Tomorrow".

 Read Full article »
SAP becomes first European tech company to create ethics Advisory Panel for Artificial Intelligence

SAP announced its guiding principles for artificial intelligence (AI) and its creation of an external AI ethics advisory panel – the first European technology company to do so. The panel, comprised of experts

 Read Full article »
DB Global Technology marks five years of activity in Romania

DB Global Technology, Deutsche Bank's technology center in Bucharest, celebrates five years of activity in Romania, the company announced.

 Read Full article »
US giant Apple officially registers company in Romania

American technology producer Apple officially registered a company in Romania, Apple Sales Romania SRL, controlled by Apple Distribution International and Apple Sales, both companies being registered in Ireland

 Read Full article »
Oracle Corporation registers 9.2 billion USD in revenues for 2019's first quarter

Oracle Corporation announced fiscal 2019 Q1 results, with total revenues of 9.2 billion USD, up 1 per cent in U.S. dollars and up 2 per cent in constant currency, compared to Q1 last year.

 Read Full article »
UiPath raises 225 million USD Series C Led by CapitalG and Sequoia

UiPath, the leading Enterprise Robotic Process Automation (RPA) software company, has closed its series C funding raising 225 million USD at a valuation of 3 billion USD. The round was co-led by existing inves

 Read Full article »
Xerox launched sales and marketing program for its partners

Xerox has launched in Romania the Xerox Global Partner Program to help its partners diversify their sources of profit and strengthen their customer relationships in the context of the growth of small and medium

 Read Full article »
Local IT services and software market marks under expectations growth in 2017, ANIS says

Domestic software and IT services market in 2017 rose only 2.1 per cent over the previous year to reach 975 million Euro, a growth rate under expectations, according to the most recent study conducted by ANIS s

 Read Full article »
Bitdefender secured direct presence in Australia by taking over local peer SMS eTech

Romanian security technology company Bitdefender said on September 11 it has acquired Australian peer SMS eTech, as part of its strategy of globally expanding in the consumer and enterprise segments.

 Read Full article »
Romanian employers forecast the strongest hiring pace in more than ten years

Fourth-quarter hiring plans are the most optimistic in Europe, on a par with Slovenia, and among the top 5 most optimistic globally, according to ManpowerGroup Employment Outlook Survey for the October – Dece

 Read Full article »
 
 
MOST READ ARTICLES
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» Molson Coors started to grow its busin...
» French energy operator Total opened su...
» Capgemini to open new office at Suceav...
» Leoni to open new SSC in Cluj, cut job...
» The Outsourcing industry announces its...
» Luxoft expands Asia Pacific presence w...
» Genpact's COO: Staying ahead of the cu...
» Olga Botusan, Stefanini: There is a hu...
» LeasePlan to open service center in Bu...
 
EDITOR CHOICE
George Didoiu from Colliers International, at People in Shared Services & Outsourcing Forum on October 18, at Bucharest

A workplace passionate with over 13 years of experience in real estate, George Didoiu, accepted our invitation to tackle subjects like rising expectations of employees, offices as recruiting and retention tools

 Read Full article »
Vivek Bakshi, keynote speaker at People in Shared Services & Outsourcing Forum on October 18, at Bucharest

As a GM for the European Delivery Centers (Romania and Poland international locations) tasked with leading the growth and profitability of one of the most dynamic industries with a focus on customer service is

 Read Full article »
Tom Hobson, at People in Shared Services & Outsourcing Forum on October 18, at Bucharest

People in Shared Services & Outsourcing Forum brings in new top speakers starting with the Global Operations & Business Transformation Executive Tom Hobson, GM of ADP Romania.

 Read Full article »
People in Shared Services and Outsourcing Forum takes place on October 18th in Bucharest

Outsourcing Today, the integrated communication platform of for the business services sector, together with The Diplomat-Bucharest, kick off the autumn series of events on October 18, at Caro Hotel Bucharest, w

 Read Full article »
The outsourcing industry needs early and better educated graduates

In terms of development of business shared industry in Romania, the industry might face a need of doubling the current pool of employees, estimated now at roughly over 120.000 people, according to number estima

 Read Full article »
Latest News  
 
about us | newsletter | contact | members area | GDPR policy
Copyright © 2015 by Diplomat Media Events Design by Diplomat Media Events