Do you know what we mean by fintech lawyers? In recent years, not only has been an evolution and a huge change of technologies and the Internet, but also finances and banking have evolved.
Therefore, this digital revolution has produced a transformation of the global financial sector, with the emergence of the Fintech phenomenon, which is creating changes in the service delivery by the appearance of new operators, in response to changes in the expectations and consumption habits of the clients, granting countless benefits such as immediacy, flexibility and profitability.
Fichtech, which is a combination of the English words finance and technology, is a range of activity in which companies use information technology and communication to create and / or offer financial services more efficiently and less expensively.
The Fintech are generally startups experts in new technologies that want to capture part of the market dominated by large companies, which are often not very innovative or slow adopting new technologies.
Consequently, the Fintech are those financial services which use technology to make life easier for clients.
ADVISING FINANCIAL ENTITIES
Financial entities, in accordance with article 64.5 of the Securities Market Act, are the natural person or legal entity that can exclusively provide investment advisory services and prepare financial reports, all based on personalized recommendations for the client. The increasing complexity of the financial sector requires of a permanent specialization.
From LETSLAW we offer legal advice as fintech lawyers to financial institutions to start their activity by registering and obtaining the authorization from the competent authority, drafting contracts and collaboration agreements, the judicial defence of the interests of these financial entities in claims processes by users; we also offer legal defence to employees or managers of these financial entities against customers or third parties in any jurisdictional order.
LEGAL SUPPORT IN BIG DATA PROYECTS
The processing of Big Data as part of the strategies to offer better financial advice has become a trend of great potential for the sector. The term Big Data, for those who are not familiar with the term, refers to a set of data, an immeasurable volume, which is generated daily through different platforms and technologies, which reveal information and allows how to identify trends and behaviors of users.
The analysis of this information can be used by financial entities to improve their business strategy, improve the advice to their customers and also detect their operations mistakes that they carry out.
It is important for companies in the financial sector to know the opportunities and functions offered by the correct performance of Big Data. Among the opportunities, we highlight the advanced targeting of clients to obtain a more complete vision and understanding of the clients in order to make a targeting tighter to the profile of each client and, consequently, to attract and build loyalty of those customers.
It is basic for financial entities to make a good use of Big Data, have a clear commitment of the security of the data obtained and an appropriate enforcement of the General Data Protection Regulation.
ACTIONS IN COURT
It seems that recently it is fashionable to take legal actions against the entities, carried out by clients and users victims of bad banking practices. It is important to have a good advice and to know which are the best ways to defend themselves, from a bad praxis of a financial institution, and legal actions taken by financial customers.
In Letslaw you will find Fintech Lawyers experts in advising financial entities. We are specialized in advising technological companies and we can guide you through the process of creation and registration of your fintech company.