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Fintech & Insurtech: Time to build alliances

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Information

  • Date May 07, 2020
  • Observatory Fintech & Insurtech
  • Language English
  • Pages 13
  • Function Innovation/Strategy Sales/Services 
  • Sector Insurance

Responds to...

  • How many Italian Fintech & Insurtech startups are there? And what are their main features?
  • What is the relationship between Italian Fintech & Insurtech startups and the other members of the ecosystem?
  • What are the current trends in consumer banking channels?
  • Which Fintech & Insurtech services do Italians use the most?
  • Which market players would Italians choose to manage their savings or to request a loan?
  • What drives the decisions of SMBs when choosing a bank or insurance company?
  • Which channels do SMBs use to access banking, finance and insurance services?

Description

In this era of "Open Finance", the digital revolution is sweeping through all components of finance and insurance, bringing radical innovations both in the offer and the demand for financial and insurance services. There are now 326 Fintech & Insurtech startups in Italy, with web platforms and APIs the most commonly used technologies. In the banking sector the trend of closing branches continues, while use of the smartphone to access banking services is on the rise. As many as 12.7 million Italians now use at least one Fintech & Insurtech service, with Mobile Payment and Chatbot to communicate with the bank being the most popular. Users report high levels of satisfaction. Among SMBs, although financial services are not so widely available just yet, businesses often choose digital tools to access them, particularly Internet Banking.

Index

  1. The Italian Fintech & Insurtech startup ecosystem
  2. Innovative consumer channels
  3. Italian consumers and Fintech & Insurtech
  4. SMBs and Digital Finance