What is new about Fintech apps on the smartphone? Mobile banking has been on offer for quite a while. According to Andreas Hackethal, Professor of Personal Finance, the business model of Fintechs is different. He said to the news agency dpa: “Traditionally, the whole investment sector is very much focused on products. Fintechs, however, aim to provide the consumer with an individually fitting portfolio. This is a change of perspectives which constitutes a fundamental transformation.” Consumers benefit from this change because, ideally, they get exactly the product that suits their financial situation and preferences, Hackethal said.
With respect to the sensitive data protection issue, Hackethal demands openness from the side of suppliers. “Costumers should be able to understand what they make available to whom when they check boxes.” He is convinced, however, that firms are very well aware of this.