The FinTech Agent Who Came in from the Cold

Published on
26 Jun 2015
Final Author
Spiros Margaris

One of my previous financial industry innovation proposals, the “FinTech Supermarket,” was about the possibility of an open selection of the best fintech partners. In other words, a client offering the best financial package of financial services under one roof.

In my new proposal, I will introduce the “FinTech Agent,” who will compare fees and services of banks, particularly countless fintechs, and thus ultimately achieve better fee conditions for customers.

Fees are one, if not the most important, bastion of traditional banks’ business models, and they are already under attack by ETF popularity and fintechs.

This new agent business model is intended to provide customers not only the best fintech services and, therefore, the most experienced service partners, but also partners with the best price-performance ratios.

Thus, the customer will receive proposals and ways to renegotiate the fees they get charged or at least receive better terms, from the agent. The agent’s business strategy will be “A Game Changer” since it will leverage the impact of the fintech industry.

In the insurance industry, it is common for insurance brokers to compare suitable offers for clients and then put together an optimum package. Moreover, there are already fintechs who negotiate better bank and insurance fees for their clients but only for their own customers.

In contrast, the FinTech Agent will analyze all matching fintech services and prices on the market with all the services of eligible banks, evaluate the findings, and then offer a perfect deal to the client.

The agent will thus create a whole new market with an increasing range of services for all parties — customers, fintechs, and banks — that will lead them all sooner or later to better services, price-performance ratios, and competitiveness.