Fintech Payment Solutions and the Changes in the Financial Sector
The financial industry has undergone extensive development in recent years. Due to continuous development and new technologies, financial institutions will face the challenge of benefiting from the paradigm shift in the future. In conversation with Mirko Scheffler, CEO of Fintech Payment Solutions AG from Munich.
The financial sector describes the totality of all institutions and systems that contribute something to the national economy in the form of financial performance. Banks in particular acted as intermediaries between savings and investments. „But now and in the future, the financial system, which is made up of different parts, is in a state of flux,“ explains Mirko Scheffler, who, together with Achim Pfeffer, have taken the helm of wee’s payment solution as board members of Fintech Payment Solutions AG. Mirko Scheffler, who has been at home in this market for years and is also head of the Luxembourg-based MPM Group AG, oversaw the Europe-wide development of the wee sales structure. Technical and legal problems delayed the further build-up in the last time. „Currently, there is a unique opportunity to benefit from the innovative changes in the financial markets and their distribution channels,“ says Mirko Scheffler. Fintech Payment Solutions AG is positioning itself in Europe as a strategic partner for investors in this segment. But just like in the real world, things don’t always go uphill or sometimes the headwind is so strong that you feel like you can’t move from the spot, or even when you’re dancing you go back and forth, unfortunately that’s the way it is when it comes to implementing a brilliant idea. In short, we learn from our mistakes, as we have had to learn in the past,“ says Mirko Scheffler. Now Fintech Payment Solutions AG has taken over the technical capabilities and celebrated the kick-off of the second half of 2021 on July 10, 2021 in Dresden as part of a larger event. Frank Pawlak, who introduced Fintech Payment Solutions AG to wee in Dresden with his company mdv Dresden UG, was also present.
Digitization
However, like almost every economic sector, the financial market also shows a strong development over the past years. The tasks of a financial system concern the regulation, coordination and monitoring of an economy in order to create, in the best case, the basic regulations for an efficient, competitive movement of capital. „Nothing stays the same, the rapid technical development of information and communication technology is changing the financial markets, the latest key is the digitalization of the financial institutions. Away from the counter, towards mobile,“ Mirko Scheffler points out. Statistics confirm that 65 percent of all bank customers in Germany will be using online banking at the end of 2019, with Norway recording the largest percentage of online users. In Germany, the percentage rose to 73 percent at the end of 2020. Financial institutions are facing the challenge of reorganizing themselves strategically, organizationally and operationally. The implementation of this restructuring enables a significant reduction of the branch network and accordingly costs some jobs on the part of the financial institutions. Mirko Scheffler continues: „We are facing these challenges as Fintech Payment Solutions AG. We develop payment systems, program and invest in companies. These New, technology-driven business models, ideas and services enter into serious competition. The platform has been under development since 2015 and includes collaborations with an eMoney licensing institute, KYC interface provider and a terminal manufacturer and operator.
Increasing customer demands
Another trend that is directly related to digitization is the demands of customers on the financial sector. Mirko Scheffler says: „In the future, the focus will be less on corporate processes and more on customer processes. With the payment platform wee, Fintech Payment Solutions AG creates „everything with one app.“
The weePay is based on QR code technology as a self-contained system and all transactions within this system are free of charge for customers. This enables payments in stationary trade as well as online trade and transactions between participants without any problems, and a cashback system is also integrated,“ explains Mirko Scheffler. Last year, the payment processor Worldpay predicted that mobile payment would become the second most important payment method worldwide in 2022, behind debit cards and ahead of credit cards and cash. Allied Market Research predicts that $3.5 trillion will be transferred this way in 2035. Europe is one of the growth markets, with 19.6 million new users by 2022, and a total of 59.8 million by then, according to the experts‘ estimates.
According to various studies, the corporate structure of financial companies is evolving from hierarchies to more agile structures. This development ensures a more flexible company organization and way of working.
FinTech start-ups for innovative ideas
Financial institutions are increasingly working with start-ups for innovative ideas in order to incorporate innovative ideas into the existing company. So-called FinTech start-ups are shaping future business models and can increase efficiency as well as user experience. One of the most important points in terms of transformation in the financial industry is the opportunity to allow new innovations to flourish. According to Mirko Scheffler, „Many banks have set up innovation labs to connect startups with key decision-makers at the bank. With the long-term goal of ensuring that new and emerging technologies make the banking business more efficient and develop it further.“
Artificial intelligence in the financial world: example Chatbots already handle customer concerns in an automated way, without waiting on the phone or in the branch. „The use of artificial intelligence in the financial sector should already not be underestimated today, is continuously being developed further, and the industry is relying on decentralization to increase efficiency. „This can not only improve the current system in areas of accounting, infrastructure and data security, but replace it entirely,“ explains Mirko Scheffler. Security and protection in the financial sector, securities trading and complex transactions are just as much in focus – safer, faster and more cost-efficient, those are the benchmarks. Change remains exciting and we are all helping to shape it.
V.i.S.d.P.:
Philipp Jonathan Bossert
Student and Blogger
About the author:
Digitalization – one of the most important and prominent topics in the 21st century, but still elusive for many. Philipp Jonathan Bossert, student in Berlin and blogger. He studies industrial engineering and deals with the transformation through digitalization and the related development from an engineering perspective. Further interests besides his studies are music production. Working as a music producer for years, Philipp Jonathan Bossert observes the progression of transformation as a continuous digital and automated development.
Contact:
Fintech Payment Solutions AG
Leopoldstrasse 244
80807 Munich
Germany
Phone: +49 (0) 89 21527758
E-mail: info@fps-ag.com
Web: www.fps-ag.com
Company Description:
Fintech Payment Solutions AG is an investor for investments in the areas of financial payment technologies. The focus of Fintech Payment Solutions AG develops and programs payment systems, participates in companies that develop and operate payment systems. The company has the experience and the required know-how in the areas of IT and software development, marketing and sales as well as M&A and investment management. Fintech Payment Solutions AG aims at active and long-term support of investments.
PRESSEKONTAKT
Fintech Payment Solutions AG
Achim Pfeffer
Leopoldstraße 244
80807 München
Website: www.fps-ag.com
E-Mail : info@fps-ag.com
Telefon: +49 (0) 89 21527758