TRADITIONAL BANKING AND FINTECH DISRUPTION. PROJECTIONS, DYNAMICS, COMPETITION AND EFFICIENCY

In recent years, financial innovation has accelerated greatly, new financial services have radically changed the banking environment. The main factors contributing to the dynamism of fintech are the development of IT and mobile communications infrastructure, pioneering financial services offered by new technology companies and the design of new financial services based on consumer needs. The fintech areas are: credit, deposits and capital raising services; payment, clearing and settlement services, including alternative currencies; financial investment and insurance services. However, in the near future many of the new financial services will not pose too much of a problem for banks. For example, P2P loans will reduce the market share of banks, but in no case will they eliminate bank loans because, on the one hand, the clientele that will go to the market for P2P loans will be the risky one, unapproved by banks. and on the other hand, because credit institutions still have the majority of resources and the majority of customers. Another example is payments, which continue to be carried out mainly by banks because alternative systems do not yet have a global infrastructure, and the completion of payments presupposes the existence of the legal tender issued only by central banks.