THE RACE BETWEEN THE "FINTECHS" AND THE TRADITIONAL BANKS

Abstract

Society and companies are embedded in an accelerated interconnectivity revolution, promoted by existing technological advances and challenging the use of traditional learning. As an example of the above quote, it can be said that the current "startups" seek to conquer a market that was dominated by other players, an example is what happens with "fintechs", whose meaning represents a technology company that operates in the financial segment, and its objective is to gain part of this market, challenging traditional banks. In this context, the study aimed to map the reason why the public aged 18 to 29 chose fintechs instead of moving with traditional financial institutions. In addition, we sought to understand what they consider important within this financial security scenario. The study was based on an "online" questionnaire, distributed through social networks such as LinkedIn, Facebook and WhatsApp, it was available during the days 08 to 11 Feb. 2021, with 268 replies. The return of these responses contributed to identify that the majority of respondents performed this migration to the digital platform, but still feel insecure about the security of existing digital platforms. This fact signals to digital organizations the urgency to demonstrate how to generate security for their audience as much as a more traditional institution.