The sensitive, cultural, and organizational interplay between traditional financial institutions and the kicking and hungry technological innovation industry will focus on the fintech events; the fintech industry has been flourishing and thriving in recent years. What began as a market with only a few companies expanded to hundreds of companies developing the latest technology alongside unique business models. In blockchain and cybersecurity alone, more than enough exporters are engaged.
As more and more old and new financial institutions worldwide recognize the tremendous potential of fintech, demand for products and services in the field increases, encouraging the development of new products and the growth of companies.
The Difference in Corporate Culture
While the fintech industry understands that innovation is an ongoing operation that never ends, the financial services industry essentially still treats technological developments as a single transitional stage, one implementation effort that will solve all problems (or at least some of them) for the foreseeable future.
However, little by little, the realization is that innovation is a marathon, not a sprint. Senior financial institutions, who enthusiastically embraced the new technologies, realize that after the dust of hype sinks, technologies do not offer finite magic solutions but rather ongoing innovation work in a field of constant disruption.
What is the main course of action of fintech institutions?
The fintech industry at the export institute represents more than 1OO companies and also supports and encourages the Automotive sector, both through assistance in preparing a business plan, both by encouraging research and development in various incubators, and in collaborations with professionals outside of the country and locating promising business opportunities, establishing national pavilions in leading exhibitions, publishing and hosting professional delegations, organizing a fintech conference, and days of technology at financial institutions around the world.
What is the future of Financial Companies?
Fintech companies are expected to make hundreds of billions of dollars in the coming years working with the old financial institutions, pumping capital into investments in new technologies to cope with the profound changes that threaten to disrupt existing business models. Financial institutions pin their hopes on the flexibility and agility that ensure Fintech solutions and believe that these will be used to develop innovative financial products that will help people manage their finances in new ways.
“Many financial organizations are actively and aggressively looking for ways to use fintech technologies within their corporate systems,” says CPA Ran Feldboy, head of the financial sector at Deloitte. “We can see more and more financial organizations adopting the tactics of venture capital entrepreneurs, investing in intra-organizational characterization and diagnosis to accurately identify the problems that new technologies can solve or team up with other stakeholders in the field to explore the business possibilities inherent in those technologies.
This is also contributed by incubators and accelerators such as Forefrontcomms.com, home to new companies with brilliant ideas. Banks, insurance companies, and many other entities turn to find the most advanced solution tailored to their needs.