1 June 2021, Geneva, Switzerland - Financial Technology (FinTech) is a silent revolution. Without making large waves, FinTech is transforming and facilitating practical aspects of our life. From simple bill payments and sending small money instantly to friends, to sophisticated and complex investments or trade orders, to tracing trends and ensuring follows up transactions involving recurrent finance - all can be done without moving from home or on a smartphone and at a fraction of the usual costs and commissions. Financial intermediation from banks, brokers, insurers and other financial institutions is, most of the times, drastically reduced and can be done with a couple of clicks.   

FinTech has made very rapid advances offering now seamless solutions that frequently appear almost natural as if they have always existed. Many developed countries, for example, now use some form of digital payment - and the share of consumers is still increasing. People interact with FinTech in different and very practical ways. And, what is more important, the evolution is far from completed. Every other day, new financial products and new opportunities enter our life offering healthy competition. Yet, for most people, FinTech has several less-known areas, bringing uneasiness and confusion. 

Faced with consumers’ initial concerns regarding the security of digital payments, financial institutions have rapidly invested in security measures. Realizing that consumer preference for digital transactions is intimately linked to the perceived security of the technology, financial institutions had to implement significant behavioral transformation to work with regulators and vendors to strike a balance between customer trust, ease of use and enhanced digital security.