Is Salesforce good for fintech companies

FinTech - between hype and hope

Nina Keim, Senior Manager Government Affairs, reports on current developments in the FinTech sector.

Digitization is changing the financial sector. From online banking to digital bank branches, bank customers nowadays expect more than a customer advisor in the bank branch around the corner. A bank in the 21st century should be fast and interactive and ideally also accessible digitally - just like the customers themselves.

Young technology companies in the financial sector, the so-called FinTech startups, provide new impulses for the market with their technological innovations. They offer alternative offers that put traditional banking processes to the test. With solarisBank or N26, the first German FinTechs have now received a full banking license.

But do FinTech startups have a long-term chance of asserting themselves against established big banks? And what role do cloud-based technologies play in supporting the digital transformation of the financial sector? On September 6th, experts from startups, politics and banks met with Salesforce to discuss how new technologies have changed the daily work of financial companies of all sizes.

It discussed:

  • Dr. Jens Zimmermann MP, member of the German Bundestag (SPD)
  • Susanne Krehl, chairwoman of the “FinTech” specialist group in the Federal Association of German Startups
  • Ulrich Coenen, Group Head Digital Transformation at Commerzbank AG
  • Julian Teicke, founder and CEO of wefox

All participants in the discussion agree that there is actually no way around digitization. Banks could learn and benefit on a large scale from young tech companies. After all, established business models inevitably have to be adapted to the digital age in order to remain competitive. The FinTechs often provide the impetus.

However, in order for FinTechs to be able to establish themselves more easily on the market, there is still room for improvement in terms of advice and the optimization of approval processes at the Federal Financial Supervisory Authority (BaFIN). The first measures have already been initiated with the intended acceleration of the licensing procedure and an expanded range of information to make it easier for FinTechs to enter the regulated financial market.

Ultimately, it is also important to take into account the needs in terms of data protection and data security. But with the right technology partner and a step-by-step implementation of new technologies, satisfactory solutions are possible here. In any case, it remains important that banks do not miss the path to digitization. The course will be set in the next few years.

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