Competition between traditional banks and Fintech
Nguyen, Gia (2019)
Nguyen, Gia
2019
All rights reserved. This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202001241565
https://urn.fi/URN:NBN:fi:amk-202001241565
Tiivistelmä
The thesis has analyzed the Fintech and traditional banks sectors in order to suggest a way for traditional banks for reacting back to Fintech. Moreover, the potential future scenarios of Fintech and traditional banks are also analyzed.
A SWOT analysis was implemented to see what are strengths, weaknesses, opportunities and threats that Fintech and traditional banks have. The data was collected from existing academic sources and reliable researches. In addition, Fintech has been a popular for not only academic researchers but also big companies such as EY, KPMG and PwC.
The result of research has shown that collaboration is the best option in the competition between traditional banks and Fintech. Collaboration brings benefits for both competitors and also for customers to have better financial services. Besides, each competitor should develop to fulfill their weaknesses in the future, both sides should invest more in security and regulation. The future of banking industry will traditional banks transforming into digital ecosystem.
A SWOT analysis was implemented to see what are strengths, weaknesses, opportunities and threats that Fintech and traditional banks have. The data was collected from existing academic sources and reliable researches. In addition, Fintech has been a popular for not only academic researchers but also big companies such as EY, KPMG and PwC.
The result of research has shown that collaboration is the best option in the competition between traditional banks and Fintech. Collaboration brings benefits for both competitors and also for customers to have better financial services. Besides, each competitor should develop to fulfill their weaknesses in the future, both sides should invest more in security and regulation. The future of banking industry will traditional banks transforming into digital ecosystem.