The fintech or financial technologies sector is one of the fastest-growing sectors in the world. Numerous investors are betting increasingly on innovative start-ups in this sector.
In this article, the titles of ten books on fundamental fintech are gathered to understand the sector better.
1) Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do
They explain what fintech, cryptocurrency, or blockchain technology are and how they are completely transforming the financial services sector.
Brett King tells the latest trends regarding the redefinition of financial services and payments, where a tour takes place through mobile wallets, the cloud, the explosion of social networks, and the emergence of consumers who do not need a bank in their lives.
This book shows how the gap between consumers and financial services is getting bigger, which opens a wide field of opportunities in this industry.
Being the author of this book and founder of Moven, an American start-up in personal finance management, he is probably one of the most respected personalities in the world on FinTechs.
Bank 3.0 is an update of its previous book, Bank 2.0 that discusses new trends in financial services and payments. He also notes the change in customer behavior, which is increasingly sensitive to new financial services.
Author: Brett King
Available on Amazon
2) Blockchain Revolution:
This book presents brilliant and essential research on the technology that marks the way to determine the economy’s future.
Blockchain Revolution provides an interesting concept and attempts to simplify the details to the point where the general business reader will understand the potential of blockchain.
It is a revolutionary and simple protocol that is essential to understand in the vast fintech world. This book shows us where it can take us in the next decade and more.
Author: Don Tapscott
Available in: Amazon
3) The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future
The futurist and former executive editor at Wired, Kevin Kelly, provides stellar insight into the future of our digital world in his book, The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future.
This is a book where he presents an optimistic action plan for the future, demonstrating how the next changes in our lives (from virtual reality to an economy on-demand and artificial intelligence incorporated into everything that is produced) can be understood as the result of new long-term and increasingly rapid forces.
This book is a very useful guide to understanding where your life, business, or industry is going.
Author: Kevin Kelly
Available in: Amazon
4) ReWork: Change the Way You Work Forever
Unlike most business books, ReWork does not ask you to write a business plan or study the competition; on the contrary, after reading it, you will understand why the plans are, in reality, dangerous. ReWork is a manifesto for a new way of doing business.
It is about forming a great work environment, building products that rock, and over-pleasing the customer.
Whilst it’s really aimed at the entrepreneurial business owner, it’s great for anyone with a desire to do business differently.
Authors: Jason Fried & David Heinemeier Hansson
Available in: Amazon
5) Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money
Digital Gold tells the fascinating history of Bitcoin, the digital currency, and the financial technology that has generated a global movement and presents it through the vision of the main actors of this movement.
Author: Nathaniel Popper
Available in: Amazon
6) The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs, and Visionaries
It is the main guide to understanding the evolution of financial technology, disruption, innovation, and the opportunities it offers.
This book was written by leading intellectuals from the Fintech world and offered entrepreneurs, bankers, and investors the answers they need to capitalize on this lucrative market, an invaluable source of information for all players in the sector.
Author: Susanne Chishti
Available in: Amazon
7) Data Smart: Using Data Science to Transform Information into Insight
In today’s world, where data abound and everything revolves around them, the question is how to make the most of them and how to use data science.
Not only does it involve processing data through a series of simple steps, but the author also shows us how it can be done in the family environment of a spreadsheet.
Author: John Foreman
Available in: Amazon
8) The Power of Mobile Banking: How to Profit from the Revolution in Retail Financial Services – Sankar Krishnan
Sankar Krishnan shows the new expectations of Generation Y in terms of financial services and offers a comprehensive analysis and detailed the means to be engaged by the traditional players to adapt to the new needs of customers.
Author: Sankar Krishnan
Available in: Amazon
9) Reinventing Financial Services: What do you expect from banks and insurers – Roger Peverelli
In this book, the author puts himself in the shoes of customers and analyzes the behavioral changes that explain why we are today ready to open ourselves to innovative financial services like those offered by FinTechs.
Roger Peverelli, the partner at VODW, presents his forecasts on the future of banks and insurance companies.
Author: Roger Peverelli
Available in: Amazon
10) Digital Bank: Strategies to launch or become a digital bank – Chris Skinner
In this book, Chris Skinner argues the importance of the change the banking sector is experiencing. He explains how the relationship between banks and their customers has changed dramatically since the advent of new technologies.
Founder of Balatro Ltd., a financial technology consulting firm, Chris Skinner accompanies banking players in their digitization and is now more renowned for his expertise on the subject.
Author: Chris Skinner
Available in: Amazon
Things you should know about Fintech
“Fintech” is a rising phenomenon that both traditional financial institutions and new entities already apply.
Thanks to the advancement of new technologies, the way to manage finances is being revolutionized: faster, with better information management and cost reduction.
A Fintech, is it a bank?
Not necessarily. These companies are companies and managers with extensive financial sector knowledge: mobile banking, payment methods, lending, crowdfunding, crowd equity, investment, currencies, and cryptocurrency.
Many of them are startups that take advantage of the latest technology and the lack of regulation and strong requirements, such as banking, to create innovative products and services and thus get closer to the consumer.
The banks are getting into the car because they fear that these new entrants, unregulated, will take a good chunk out of the cake.
What elements accelerate the progression of Fintech?
- Changes in consumer habits of customers. The client is the center of the entire management model.
- Advances in mobile privacy.
- The lack of specific legislation.
The 5 benefits of investing in a Fintech
Fintech, digital companies focused on financial solutions, have increasingly become attractive as an investment alternative to traditional instruments in the market.
Fintechs facilitate investor life and improve the user experience by providing digital financial solutions that traditional banking cannot offer.
Fintech CEO Afluenta, Alejandro Cosentino, highlighted the benefits of investing in a fintech:
- Without banks, better returns: Doing away with the banking gap allows to reduce operating expenses, and the investor achieves more competitive returns that reach the estimated annual 20.1%.
- No hidden costs or fine print: These platforms are characterized by having no hidden costs.
- Financial solutions at the client’s service: The fintech provides digital solutions focused on meeting the needs of creditors and applicants. They control expenses, encourage savings, and keep track of operations so that money works as much as possible.
- Financial inclusion: Increases the offer of products and services directly to consumers, uses alternative information and allows the customization of the product according to each client.
- Returns for each type of investor: As the investor decides where and how to invest, Afluenta adapts to the return and risk that each person desires, becoming an alternative for all tastes.
What is the impact of Fintech in the traditional financial sector?
The fintech is improving processes in the various financial operations, changing the working model of the traditional sector, and adapting to the needs of consumers to make their lives easier and enrich their experiences.
This accessibility is generating a new financial culture, which is why traditional financial institutions must adapt to the new market.
Affluent pointed out the influence of fintech in the financial sector:
- Improvement of the system: the fintech introduces speed, modernizes, and enhances the traditional services that until recently were only offered by banks, allowing for reduce the banking gap and providing a new digital experience for customers.
- Innovation: through companies such as Afluenta, you can visualize a high degree of dynamism in decision-making and in response to the economic changes in the country and to customers.
- Alliances: the union between a bank and a fintech will generate a competitive advantage in the sector since it can manage resources for research and development and implement a new system.
- Immediateness: fintech like Afluenta avoids financial intermediation; the answers are quick, from any place, and without a margin of error, providing answers to users.
