FinTech Scenario Examples
- P2P lending
Problem
Traditional banks often offer unacceptable lending conditions to individuals, as well as low interest rates on people’s deposits. Sometimes they abuse their monopoly position.
Potential Solutions
- Creating a platform that connects individuals who are looking for financing at acceptable interest rates with those who have free funds and are ready to lend them at interest rates higher than those of banks.
Example
iuvo is a Bulgarian P2P lending company that has secured the loan for more than 1 billion euros. At the link you will find a short video in English explaining how mutual funding works.
- Financial inclusion
Problem
Financial Inclusion: Millions of people worldwide lack access to banking services.
Potential Solutions
- Bank under the tree, where mobile bankers provide banking services in places where there is no banking infrastructure
Example
At the beginning of its history, Software Group conceived and created software for providing banking services in places with underdeveloped banking infrastructure. The metaphor “Bank under the tree” perfectly expresses the concept of the company. Today, Software Group offers software for cutting-edge fintech services. Part of its software solutions are focused on the provision of world class banking services to the unbanked population of many countries around the globe.