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Regional banks and financial technology: Confrontation or cooperation?

Vol. 24, Iss. 12, DECEMBER 2018

Received: 16 October 2018

Received in revised form: 31 October 2018

Accepted: 14 November 2018

Available online: 24 December 2018

Subject Heading: Banking

JEL Classification: G21

Pages: 2771–2782

https://doi.org/10.24891/fc.24.12.2771

Zver'kova T.N. Orenburg State University, Orenburg, Russian Federation
tnzverkova@mail.ru

https://orcid.org/0000-0002-6540-6154

Subject This article deals with the issues of search of new areas of cooperation of regional banks and FinTech-companies in order to improve and personalize customer services.
Objectives The article aims to analyze the current situation in the banking market in terms of competition between credit institutions and FinTech-companies. The article also explores the capabilities of regional banks to change the business model to cooperate with FinTech.
Methods For the study, I used the methods of expert assessment and generalization.
Results The article says that at present, the regional banks lack financial resources and technological facilities to compete with FinTech-companies in the delivery of financial services. Regional banks can only adopt a cooperation strategy as a basis for partnership.
Conclusions Regional banks should not only adhere to all lines and areas of financial technology development. They need to concentrate on the development and customization of customer services, providing customers with well-thought-out individual solutions and recommendations using various interaction channels.

Keywords: regional bank, financial technologies, FinTech company

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