Fintech is changing the landscape of the finance industry from banks and insurers to brokerages and asset managers as they embrace state-of-the-art technologies, attracting new customers and expanding their businesses into territories which they have barely tapped into.
Customers can get full banking services, such as deposits, transactions, loans and foreign currency exchange, through their smartphones and automated teller machines without visiting brick-and-mortar branches.
Analysts said that Internet-only banks, which will be introduced later this year in Korea, will accelerate this trend as they gear up to offer banking services through a few touches on their customers’ smart devices.
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Source: The Korea Times