Google founded in 1998
Google founded in 1998 and first world market capitalization, über created in 2009 and valued at more than $ 50 billion, Airbnb founded in 2008 and valued at 25 billion dollars… The list of new players taking advantage of the digital wave and the changing expectations of consumers wishing to more mobility, services online and a removal of intermediaries is long. Face this new competition, traditional businesses fearto be “uberisees” because these new players upset their business models and jeopardize their positions.
Of many Fintechs  and  have launched recently the GAFA Bank offers (means ofpayment, crowdfunding and aggregation of accounts…) destination of individuals orSMEs. These newcomers represent a competition which offers many innovations in areas that were previously reserved for banking groups, especially in their retail banking activities. Because of the high barriers to entry inherent in their activities (expertise, binding legislation, important capital needed…), the BFI  and commercial banks would be preserved? The Fintechs and the GAFA, represent an opportunity or a threat for these actors?
Panorama of the Fintechs/GAFA which are involved in the sector of the BFI
Far from being a simple opposition, financial start-ups and the giants of the web may be involved as:
suppliers of digital services to facilitate the activities of the BFI or compete with theirhistoric suppliers such as Bloomberg (table 1)
partners completing the traditional offer of the BFI (ex: management of collateral) by optimizing the quality of service (ex: dematerialization and process automation) toensure productivity gains (table 2)
competitors introducing market breakdown products and/or existing services innovations, making obsolete some trades or by removing certain intermediaries (table 3)
Comparison between the actors
The digital development decreased significantly the barriers to entry by making more directly accessible final customer for these new entrants. The Fintechs and the web Giants looking to position themselves in the market with assets that differentiate them from the BFI:
A young and dynamic image
A strong capacity for innovation combined with greater agility and flexibility in the Organization and operating modes that allow them to more quickly remove new concepts on the market
Less pressure from regulators at present
The BFI and the commercial banks shall nevertheless retain the following advantages:
A strong expertise in their historic trades and the possibility of cross-selling
A customer confidence in the confidentiality of their banking data
An ability to convince regulators through the capitalization of the transformation and regulatory compliance projects these past 5 years
Significant capital available for investment and infrastructure already existing keys(which may hinder the adoption of innovations)
Prospects for the future
In the current state, it is still difficult to identify the impacts that could have these new entrants on financing activities, investment, capital markets and cash management. The BFI may be deeply impacted in terms of offer (arrival of complementary products/services or competitors), (need to reallocate resources), organizational process (search for more flexibility and innovation) in order to adapt to the new situation.
In addition some technologies are still under development. For example, many projects in financial services in the form of consortia of banks (such as R3, a FinTech, in which thirty BFI have invested), bilateral collaborations BFI/FinTechs (for example between Digital Asset Holding and JPMorganChase) or R & D internal (Citi with its Innovation Labs Citi), are currently seeking to apply the originally used blockchains for virtual currency bitcoin. This technology, which allows to carry out transactions without central organ in registering and checking transactions anonymized by block on anetwork of computers and making them public, has the following advantages:
Speed of transactions (absence of intermediaries)
No administrative fees or infrastructure
Better resilience of the system (historical recorded on computers on the network)
The blockchains technology could potentially change in the middle of the BFI in thecoming years by being a chance (drastic reduction in their costs of structure or facilitation of compliance actions) but also posing a threat (revolution in Exchange for securities, international payments and post trade activities).
Thus, exchanges, partnerships, cross investments and redemptions are increasing. This emulation could force the BFI to reinvent their business model to adapt to the new situation and not get left behind. Goldman Sachs announced: “We are a Tech Company” and not only a financial undertaking, i.e. a platform on which the Fintech can join.