Fintech & Digital Transformation
Traditional financial services providers as well as Fintechs, banking hubs, Regtechs and other start-ups are feeding innovations to the market every single day. It is yet unknown, if traditional ‘banks‘ will exist in a decade’s time. In order to benefit from digitalisation and maximum customer focus, established institutions have to continuously challenge and re-invent their business models. With sound judgement and equal passion we support both, incumbents and challengers on their journey of disruption – the process of ‘creative destruction in regulated markets’.
Audit, Risk & Compliance
One of the key success factors in digital finance is to enable free thinking - while ensuring structure and compliance. We assist our Fintech clients to always strike the right balance. Our service offering covers the whole range of audit and assurance services for near-banks, specialists and fully licensed banking operations.
This includes statutory audits of financial statements, IT audits and other assurance services, such as ISAE 3402, SSAE 18, as well as web-, cloud and risk management certifications. For our start-up clients we also provide outsourced controlling and accounting services as well as outsourcing of corporate functions (compliance, internal audit).
As auditors and advisors we have been assisting some of the most successful German Fintechs for years. We also built a sound track record with local subsidiaries and ventures of international Fintech investors. With equal passion we support the ‘two-people-start-up‘ and the ‘full-grown Neobank’.
Download Fintech High Growth Advisory
M&A transactions, strategic partnerships and collaboration capabilities are becoming ever more important in digital financial services. Both, Fintechs and incumbents may reap the benefits of such collaboration. Consequently, BDO’s Fintech M&A advisory extends beyond the traditional deal cycle. Our services range from strategic and regulatory consulting to core M&A transaction support (buy-side and sell-side). Valuation work and post-deal integration services are integral parts of that offering. More than just executing M&A, we get involved in the process of strategic thought and make sure the collaboration works after ‘the deal’. We advised on the first Fintech IPO at Frankfurt Stock Exchange and we are equally excited about Fintech today.
Download Fintech M&A
Protecting electronic business and personal data is increasingly important in association with digital business models. It must be noted that a single security measure does not achieve the same level of protection everywhere. Protective measures must be adapted to the business model and developed along business processes. BDO evaluates existing cyber risk management activities in assessments together with selected bank/company representatives. The cyber risk assessment is not limited to technical risks. It also comprises a check of additional activities, particularly the cyber risk culture, selected internal monitoring (e.g. permissions and payment-related monitoring) and cyber awareness training performed. We also evaluate potential cyber attack scenarios which may constitute a potential risk. BDO performs what are known as penetration tests in order to obtain a realistic picture of the security measures implemented. Existing attack vectors are simulated in these tests. This provides an indication of a network’s actual resistance capability and helps uncover any potential weak spots.
Enterprise Content Management
Digital transformation leads to a switch from analogue document processing to digital content management. With a holistic strategy for Enterprise Content Management (ECM), financial institutions are able to record, manage and organise all their documents and content across the company, in order to provide access to information more effectively, reduce manual processing times and ensure secure storage. The use of suitable ECM technologies can boost the efficiency of document-based business processes through increased automation, thus generating benefits in terms of productivity and costs. Compliance with relevant provisions of (supervisory) law and compliance guidelines must be ensured.