A warm welcome to the ladies and gentleman present here and honorable guests, I am grateful to

be a part of this debate contest. I would like to share my opinion against the motion “The
Emergence of Fin Tech Means That the Long Established Banks Are Finished”.

“I do not fear computers. I fear lack of them”.

In this era of modernization, it is not possible to imagine human lives without technology. The
intervention of technology in the daily lives of human beings has transformed complexity of
lives into easier ones. The idea of Fin Tech deals with the integration of services in relation to
finance with the strength of modern technology. This is done to provide enhanced services to the
customers in comparison to the traditional banks. In order to put it differently, it is possible to
say that the application of Fin Tech has enabled the financial organizations to manage the
corporate financial aspects with ease and efficiency. These include the optimized use of
advanced software, business model, process and application. The contribution of Fin Tech is
undeniable in reshaping commerce, investment, payments, clearance, asset management,
settlement of securities and insurance. The dominance of Fin Tech has a deep correlation with
the concept of crypto currencies such as the Bitcoin.

For the motion

It is highly believed that Fin tech represents disruptive forces that have redesigned the global
financial sector. It is often firmly assumed that with the advancing step of Fin tech, the long
established banks are outperformed from the industry dealing with the financial services. This is
due to the advantages and ease offered by Fin Tech corporations to the users of the financial
services. It is acquired that since the meltdown of global economy in the year 2008, a new
species of disruptors named Fin tech is found to displace the conventional providers of
ecommerce with highly efficient financial services. Nowadays it is very common to enter into
online transactions by using Apple Pay, Google Wallet, PayPal or simply the credit card. This is
nothing but could be explained as the bank, consumers and the ecommerce retailers operating
behind the curtain of money exchange are making effective use of Fin tech. in just a short span
of years, the organizations that provide Fin Tech has successfully described the pace, shape and
direction of change that is visible across majority of the subsectors of the financial services. Fin
Tech is evident to instill triumphantly the expectation of quicker approval of loans, easier
person-to-person payment facilities without any charge and seamless digital on boarding. Such
financial technologies are seen to succeed in standalone businesses as well as important links in
the value chains of financial services. The upsurge of the concept of online shopping is growing
at a faster rate at the cost of in-person shopping. This has actively led to the prominence of
cashless solutions for online transactions. The introduction of Fin Tech has revolutionized the
way of making payments of shopping. Convenience is the greatest perquisite imparted by the
enterprises using Fin Tech. It helps in entering monetary transactions at any part of the day
without waiting for long hours at the bank or in front of the desk of the cashier in case of
shopping. There is no requirement to carry cash in pocket for availing services or making
purchase of products. Therefore, the application of the financial technologies has facilitated
every facet of lives starting from shopping, to money transfer and availing emergency services at
the hour of need. The banking system navigates round the idea of in –person services whereas on
the other hand, instead of depending on people, Fin Tech stresses on relying on the positive sides
of technology. This enables the Fin Tech organizations to provide high quality services to the
consumers of financial services. This in line satisfies the customers more in contrast to the
traditional functioning of the banks. A switching balance of power is observed to swing to the
financial services provided by Fin Tech facilities from the long established banks. The customers
prefer to tilt towards such institutions that render improved experience. Therefore, it is obvious
that the Fin tech is supposed to get patronage of the financial service consumers. Therefore, it is
clearly understandable that with the onset of Fin Tech enterprises, the customer engagement in
relation to the banking industry has declined drastically. Very few customers prefer to visit bank.
In this notion, someone has significantly, stated, “Customer needs banking, not the banks”. The
products of the insurance sector are transforming into customized products as per the
requirement of the clients whose demands are including coverage for uses, particular locations
and convenient periods. The customers find the Fin Tech to provide more accurate and efficient
services in this regard. This drives the insurers in collecting and analyzing requisite data
regarding the details of the customers. The triumph of Fin Tech over the demise of the long
established banks is due to the integration of artificial intelligence with the financial services
offered to the users. Artificial intelligence plays a major role in demonstrating differentiation in
the various products of financial services. The application of the artificial intelligence has
introduced digitalization in the finance industry. Owing to such benefits, the complexity of the

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financial tasks carried by human power is eliminated. In addition to this, the probability of
commitment of human error is highly reduced which signifies accuracy in the financial service
sector. Majority of the banks are conservative in approach towards dealing with the clients. Such
banks failed to match their steps with the progress in technology. The traditional firms operating
in the financial services and desirous of sustaining in the scientific era, are rethinking in enter
into partnership with the existing lenders of Fin Tech in the market. Associations with the Fin
Tech companies do not attract overhauling of full infrastructure. The traditional banks fall behind
in the race with the Fin Tech applications as the cost involved in the improvement of the
transaction process and middleware is too high. This is difficult to be afforded by the banks. The
core concept of Fin Tech is found immensely useful in the mortgage industry. Along with thje
passage of time, it is observed that the major players of the mortgage industry such as the Bank
of America, Chase and Wells Fargo to lose their market shares to the Fin Tech institutions. The
stated participants of the mortgage industry used to make a joint contribution of nearly 50
percent of the total mortgage loan originations. Enhanced regulations and sca

ncreased regulations and a scarce-credit environment opened the door for fintech companies to
fill the void left by banks. In that time, they’ve grown substantially thanks to their streamlined
closings and accelerated loan approval processes. Fintechs managed to identify the weaknesses
in the mortgage lending process and capitalized on those points to provide borrowers with a
seamless loan experience.

Nevertheless, it’s likely that these advantages won’t last forever. Even now, major banks like
Wells Fargo and SunTrust have begun unveiling their own digital mortgage platforms, and they
likely have the stones and financial backing to outspend most fintech competitors. With interest
rates once again on the rise and housing supply drying up, the industry is only likely to get more
competitive. Will fintechs continue to innovate and stay ahead of the game, or will banks level
the playing field?

https://www.computerworld.com/article/3225515/what-is-fintech-and-how-has-it-evolved.html

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https://socialnomics.net/2018/11/18/how-has-fintech-transformed-mortgage-lending/

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In the day-to-day corporate affair of the stock market, investors frequently purchase securities
and the banks are involved in settling the securities transactions using the benefits of Fin Tech.
From this, it is evident that the long established banking institutions are still in existence but such
financial systems intend to add extra efficiency to its operations by adopting the modernized
services offered by Fin Tech.