The banking sector is a huge vehicle that has been providing its services for years. Its strategies and working principles were built step by step to achieve what it looks like today. But our developing world means that all spheres of our lives adapt to changes, which are inevitable. Banks face challenges in several sectors as many new technologies are implemented. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essayNowadays a huge number of FinTech companies appear, which creates a higher level of competition in the modern market. These companies are usually start-ups that provide the full range of financial services. They have become quite popular due to the new vision of the market and work in general, which is not only profitable for them but also preferable for customers. It is important to admit that these companies try to improve their work by implementing new technologies and strategies, which help perform services at a higher level. Under such conditions, banks are unable to compete using traditional systems. There is no possibility for them to quickly adapt to changes, because this system has been created for years and includes not only the use of technologies, but also affects culture, operations and other industrial aspects. In conclusion, we can say that FinTech companies really disrupt traditional banking institutions. They have perfect prospects and there is a possibility that traditional banks and the banking system will have to change something in their work or abandon the market altogether. The main trend of the modern world nowadays is the development of various technologies and devices, which can be implemented in any sphere of our life. They all aim to make life easier and more comfortable. The world of banks and possible payment services and institutions is also deeply involved in this process, as numerous non-banking entities try to adapt to these changes and people's needs. Non-banks these days are not just entities that provide a short list of services to customers. With the development of technologies and their application in all possible activities, it has become possible for non-banks to enter the retail payments market. The rise of cashless payments, the development of new legal frameworks, the SEPA project, etc. they have made it possible for non-banking entities to establish themselves in the market, especially in Europe, where they have great prospects. But they have not only established the retail payments market, they are confidently entering the lending industry. Non-bank lenders have a number of advantages over traditional banks, which are subject to lockdowns and do not receive funding from external sources. They have better rates, more flexible conditions for businesses, as well as a wide range of options, which can be tailored to the needs of any customer. In conclusion, we can say that non-banks are more likely to flood the market not only in payments but also in lending activities. This process has already started and is advancing rapidly, which shows the trend towards changes and new strategies. Please note: this is just an example. Get a custom paper from our expert writers now. Get a custom essay All spheres of our life are developing and changing rapidly. The banking sector is also part of these changes, which is inevitable. The main issue is to apply as many new technologies as possible in a.