FinTech这个词是由financial和technology 两个单词组成的合成词，意思主要是指金融科技创新。随着智能手机的普及，越来越多的人开始使用FinTech services. 其中对于中国消费者来说最熟悉的就是手机支付，但是FinTech还包含电子货币，P2P lending, 手机汇款等等其他创新的金融服务和产品。今天要讲解的这篇范文就是分析金融创新技术是如何打败传统的银行业的。
FinTech的出现对于现有金融行业冲击最大就是商业银行retail banking了，为了能够深入分析这个话题，不少的商学院教授都用FinTech是如何挑战现有银行业来作为assignment的题目。接下来我们就来分析一下，如果才能写好这样一个topic。
如果要全面分析FinTech 公司是如何挑战传统金融机构并且让已经强大了数百年的商业银行变得越来越可有可无的，可以从三个方面来展开。第一，商业银行本身的特点让它们最容易被创新的金融企业挑战。
第一个原因Reason one – retail banks’ characteristics make it easy to be replaced by innovators. 在对每一个reason进行分析时，可以进一步的展开两到三个分论点，同时结合peer-reviewed 的references，便可以深入探讨一个问题，而非泛泛之谈了。比如，对于reason one 我们可以这样展开：
First, the nature of retail banks has determined its vulnerability in the digital age. Lipton, Shrier, and Pentland (2016) indicate the nature of banking industry engages mainly in technological and mathematical activities which makes financial industry is fairly vulnerable to be replaced by digitalization.
However, the established retail banks are far behind their more cost-efficient and agile competitors to thrive in the 21 century. Unlike commercial banks which focus mainly on business customers, retail banks mostly deal with general public. Although how to maintain customers are all banks’ priority, it easier for retail banks to lose their clients over their competitors because switching costs are low.
Actually, with the advance of network and communication technology, the relationship between banks and consumers needs to be redefined. General public rely less and less on retail banks’ branches, and instead with the ever-increasing popularity of Internet banking and mobile money services, ATMs and the 24-hour telephone banking service are out-dated.
Moreover… Reason one 的第二个分论点
第二个原因Reason two – retail banks’ major revenue sources have already been infiltrated one by one. 对于这一点，我们可以写三个分论点，分别从贷款，存款，和转账这三个商业银行最传统的业务模块来分析它们是怎样被 FinTech start-ups 一一阻击的:
Up until now, money lending is one of the primary reasons banks exist, however, peer-to-peer (P2P) lending companies have rapidly marched into the backyard of traditional financial institutions, replacing their role as the financial intermediary. According to Wolfe’s and Yoo’s (2017) research, around 27% of personal loan volume in the US has been taken by P2P platforms.
Hauswald and Marquez (2006) also suggest because of non-bank lenders, mostly FinTech start-ups, are closer to potential customers’ credit information; therefore they can approach more good-quality borrowers and squeeze retail banks out of the market. In addition, in many countries, especially developing countries, it is extremely difficult for ordinary people and SME to be financed by high street retail banks without collaterals.
By pinpointing these customers, marketplace lending has been developing exponentially and the trend will be unstoppable. Based on the Citi’s (2016) study, China has the largest P2P market in the world and their cumulative lending volumes account for 3% of retail loans and Citi (2016) estimates this figure will be raised to 9% at the end of 2018.
Apart from making potential customers are easily accessible, P2P lending has another silver bullet up their sleeve against incumbent banks. These online platforms can match lenders and borrowers through the digital algorithm, meaning they can offer cheaper loans for borrowers and increase investment returns for lenders at the same time.
Second… Reason2的第二个论点
Third…Reason2的第三个论点
第三个原因 Reason Three -可以从用户对于FinTech innovation欢迎的角度来分析为什么FinTech 可以挑战传统银行业,retail banks’ customers welcome to new technology:
Finally, I want to discuss customers’ attitude toward new technology. Lipton, Shrier, and Pentland (2016) indicate the current development of data technology and mobile telecommunication is the third wave of revolution in the banking industry. And the first wave and second wave happened in the middle of 1970s and early 2000s.
However, the potential impactof the recent emerging digital technologies is far more profound. Not only they can substantially improve the quality and efficiency of financial service, they can also seamlessly integrate financial activities with consumers’ other potential needs. The new generation of consumers can be called digital natives; they are tech-savvy and time conscious.
They hope their banking services can be provided timely and reliable, and more importantly, they want to access to anything within their lives through laptops or mobiles. This changing customer behaviour is a heaven-sent opportunity for new entrants to knock traditional retail banks out.
Furthermore… Reason 3 的第二个分论点
Conclusion
Traditional retail banks are at the edge of extinction because they are no longer able to meet their customers’ needs in the digital era. For many people, they have already lived in a world without banks because the role of retail banks has been invisibly replaced by the financialized tech companies over the past few years.
These Internet enterprises are weaving a big online banking system which could smoothly integrate the functions of retail banks with other services (shopping, working, entertainment, etc.) and eventually take all the functionalities of the retail banking over. Undoubtedly, it’s only a matter of time we will live in a world without retail banks.
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