countries has a real threat to operating banks, as this technology is more loyal to the
entry of new participants who had not previously participated in the banking system.
Noting the regional peculiarities in the development of financial technologies, it
is worth noting that Asian banks have adopted innovations and are not trying to deal
with them. The Asian region is a leader in the development of services using FinTech.
P2P lending has been operating in Asia for more than ten years, and banks operating
in other regions can sometimes predict the development of their region by observing
the Asian market [39].
The features of the American region are determined by the specifics of the
banking business, which was formed over a considerable period of time. Unlike the
Asian financial industry, the American market is much more fragmented, with the
introduction of financial innovations. Traditional banks such as Wells Fargo, Bank of
America and Citigroup Inc. are pressured by FinTech to differentiate and disaggregate
their services [40].
The scale of the activities of modern American banks has always been their
competitive edge, but compared to fast and new startups, it has become threat to
flexibility [39]. A complicated corporate structure and significant overhead costs are
blocking the rapid introduction of innovations. The powerful advantage of commercial
banks in the American market is the “bank-client” relationship tradition established
over many years. It should be noted that today about 94% of the US adult population
has a bank account. In spite of the fact that young companies in the financial sector
lack access to customer information in order to accelerate their development, US
FinTech startups have been growing rapidly in recent years. While in 2010 the amount
of investments was about US$ 4.7-billion, in 2016, the amount of investments was
US$ 14.2-billion, with 70% of all investments aimed at increasing comfort in the area
of consumer payments.
Formation of customer relations is also an advantage for European banks.
European banks are more independent of FinTech than other regions (according to
some experts), because of their banking structure, in which banks are vertically
organized from product to customer. Traditionally, European "universal banks" offer a
variety of services, namely private, commercial, investment, asset management and
insurance [41]. However, even such a policy of managing banks does not guarantee the
non-interference of FinTech (Fig. 2).
It should be noted that the European FinTech market is by far the fastest growing
in the world. According to the Accenture report, the share of UK and Irish investment
exceeded two-fifths of all European value since investments in the region and has
increased from US$ 264-million in 2013 to US$ 683-million in 2016. According to the
report of the international consulting company McKinsey, five large types of banking
services (consumer lending, mortgage lending, SME lending, retail payments and
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