The age of Bank Technology companies has been reached: More and more financial service providers are springing up, using modern technologies and offering their services, preferably online. As one of Germany’s most successful Bank Technology companies, Good Bank explains what Bank Technology actually means, how the scene in Germany is developing and what different areas there are.
Bank Technology Definition: What is financial technology and who uses it?
Fundamentally, all modern technologies used in the field of financial services are summarized under the term financial technology (short: Bank Technology). If you want to explain it briefly and painlessly, you can also call it the digitization of the banking world of the banking world.
Service providers who offer, for example, services in the area of mobile payment, crowdlending or e-commerce are among the companies in the Bank Technology scene. They break the value chain of banks with their modern business models , focusing on the relationship between customer and bank.
Bank Technology companies are gaining more and more market share at a rapid pace. This means for the future of the branch banks that they have to work in their own way to earn profits in order to remain in the market.
Bank Technology is booming: effects of the Bank Technology scene on Germany
The term Startup is no longer a foreign word in this country. However, only a few know what Bank Technology startups or companies are. That will certainly change soon, because: Even in Germany, more and more companies specialize in financial technologies .
The German Bank Technology scene is divided into five financial service areas (the following figure shows an example of one player per area):
Banking allows customers easy and fast financial management without a branch bank. This is implemented, for example, with mobile account management or online banking via an app.
Fast and affordable payment models are offered in Germany by Bank Technology payment companies . As more and more transactions or purchases take place online, digital payment transactions for customers and retailers are necessary.
Another area of finance technology in Germany is lending . Here not only P2P loans are offered, but also installment loans from well-known banks compared, so that the customer the favorable conditions are guaranteed.
The Bank Technology companies, which focus on trading , rely on mobile management of stock portfolios and also allow users to exchange digital information with experts in order to invest as profitably as possible.
The last segment of the German Bank Technology scene ensures a clear, fair and simple presentation and mediation of insurance models: The insurance covers not only conventional insurance coverage, but also short-term insurance and P2P insurance concepts.
The “Bank Technology startup ecosystem” in Germany is particularly pronounced and diverse, especially in Berlin, where Good Bank GmbH is also based. No other city in Germany generates so many Bank Technology companies as in the capital.
Good Bank as a leading Bank Technology company
Good Bank is also a successful company offering modern technologies in the financial services sector. What originally started with crowdlending – that is, private-to-home lending – is now one of Germany’s leading online comparison portals. Lending via Good Bank has many benefits for consumers, with one particularly convincing: the much more favorable terms. In addition, Good Bank always sets new standards in the market and implements new technologies at an early stage. Among other things, the vision of a fully automated installment loan with the favorable interest rates should be realized promptly and the sophisticated scoring technology further developed. Just recently, Good Bank received $ 16 million in fresh capital in an international round of financing. More here.
Those who carry out the online credit comparison of Good Bank, can catch up on offers from the best-known banks in Germany within seconds and take advantage of the loan offer with the top conditions.