The concept of open banking is on the rise in the financial industry. Not only are banks taking an interest in this topic, but many financial technology start-ups are developing as well. One particular player can be considered challenger banks; they have gained a high degree of digital competence and agility to adapt to changes in the industry. As a result of this trend, these financial players raise the question of what the opportunities are. This study aims to identify potential opportunities for challenger banks and to provide a practical model for companies to assess the opportunities. The results of the study show that the opportunities can be divided into three segments: personalized banking services; modularity; as well as embedded finance. Finally, an opportunity evaluation canvas was developed, providing banks a systematic and comprehensive model to evaluate an opportunity. / Begreppet open banking är på frammarsch inom finansbranschen. Ämnet intresserar därmed såväl bankerna som många nystartade företag inom finansteknologi. En aktör är så kallade utmanarbankerna; de sitter på en hög grad av digital kompetens och flexibilitet vad gäller förändringar i branschen. Som ett resultat av denna trend väcker dessa finansiella aktörer frågan om vilka möjligheter som finns. Den här studien syftar till att identifiera potentiella möjligheter för utmanarbanker, samt att tillhandahålla ett praktisk ramverk inom vilket företag kan bedöma dessa möjligheter. Resultaten visar att möjligheterna kan delas in i tre kategorier: personliga banktjänster; modularitet; samt plattformar och ekosystem. Slutligen utvecklades en utvärderingsmall för möjligheter, som ger bankerna en systematisk och omfattande modell för att utvärdera en möjlighet.

金融科技之網路借貸平台(P2P Lending或Alternative Lending Platform)在互聯網、物聯網、帳聯網、大數據、社群媒體、行動科技等磅礡發展之下，有效地在存貸業務範疇之出借人和借款人匹配連結起來，在傳統金融機構無法滿足其投資與融資需求情境下，創造出嶄新的商業模式、營運模式。 本研究蒐集三個國外的個案研究：美國的Lending Club、英國的Zopa、香港的AMP，再貫穿以兩個模型分析：Mark W. Johnson等學者提出的 - 商業模式再創新 (Reinventing Your Business Model)、以及Michael E. Porter提出的 - 波特的競爭五力分析 (Porter five forces analysis)。 融合學術架構、產業實務，透析出網路借貸平台的關鍵成功因素，並萃取精華而提出對政府主管機關、金融科技平台業者、傳統金融機構之建言與芻議，期臻拋磚引玉與產業借鍳之效。

Submitted by Carlos Eduardo Guidi (caduguidi@gmail.com) on 2018-06-11T20:21:42Z No. of bitstreams: 1 TA_CarlosEGGuidi_Junho18_vFinal.pdf: 1059734 bytes, checksum: 469d5ecca9b8556a88fcad98d932cc72 (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-06-11T23:14:47Z (GMT) No. of bitstreams: 1 TA_CarlosEGGuidi_Junho18_vFinal.pdf: 1059734 bytes, checksum: 469d5ecca9b8556a88fcad98d932cc72 (MD5) / Approved for entry into archive by Isabele Garcia (isabele.garcia@fgv.br) on 2018-06-12T19:27:54Z (GMT) No. of bitstreams: 1 TA_CarlosEGGuidi_Junho18_vFinal.pdf: 1059734 bytes, checksum: 469d5ecca9b8556a88fcad98d932cc72 (MD5) / Made available in DSpace on 2018-06-12T19:27:54Z (GMT). No. of bitstreams: 1 TA_CarlosEGGuidi_Junho18_vFinal.pdf: 1059734 bytes, checksum: 469d5ecca9b8556a88fcad98d932cc72 (MD5) Previous issue date: 2018-06 / O mercado de crédito brasileiro vem atraindo, nos últimos anos, diversos novos entrantes, amplificando a concorrência e impulsionando a busca por fatores que proporcionem mais competitividade. A empresa que almeja ter sucesso nesse mercado deve possuir as competências necessárias para identificar tendências, superar os concorrentes e aproveitar as oportunidades decorrentes das transformações do setor. Dentro da área de marketing, a fragmentação da mídia e as possibilidades de micro segmentação, representam ao mesmo tempo uma ameaça e uma oportunidade para ganho de competitividade por parte das empresas. Neste estudo, focamos especificamente no processo de segmentação de clientes, como forma de aumentar a eficiência da empresa na aquisição e conversão de clientes de crédito pessoal. No desenrolar deste estudo, um ciclo completo de clusterização foi aplicado a partir de uma base de proponentes a crédito pessoal, classificando os grupos obtidos de acordo com as taxas de aprovação e conversão em contrato. Os segmentos resultantes foram analisados em relação às taxas de aprovação e conversão efetiva em contratos; esta análise irá para indicar quais deverão ser os segmentos alvo da empresa para expandir e melhorar a qualidade de sua base de clientes. A partir destes resultados, a empresa pode direcionar seus esforços de marketing e aperfeiçoar as campanhas e promoções de forma a obter melhor desempenho em seu processo de identificar, encontrar e adquirir clientes – além de priorizar o atendimento e suporte aos clientes classificados como bons. / In the last years, the credit market in Brazil received several new players, becoming an increasingly competitive sector. The company that aims to reach success in this market, should have the capabilities to overpass competitions and take advantage of the opportunities in the sector. Inside the marketing area, the media fragmentation and micro segmentations possibilities are, at the same time, a threat and an opportunity to gain market. In this research, we focused specifically in the client segmentation capability, as a way to gain efficiency in acquiring and converting personal loan clients. In the purposed model, we did a cluster analysis of a personal loans applicants data base, classifying clients according to their approval and conversions rates. The selected segments, which will have above the average conversions rates, will be the target for the company expand clients and gain quality for the data base. Focusing in these segments, the company will be able to find and acquire new clients – using media segmentation - and use for client prioritization in the sales funnel and customer care.

Sedan den finanskris som uppstod år 2008 har ökade krav ställts beträffande säkerhet ochstabilitet inom den finansiella sektorn. Av den orsaken har etablerade aktörer, vilka omfattas avde alltmer extensiva regelverken, påförts ytterligare krav avseende exempelvis tillsyn ochlikviditet. De ökade säkerhetskraven har, i sin tur, tvingat berörda aktörer att agera merrestriktivt beträffande finansiell innovation och vid utvecklandet av nya finansiella lösningar. Den tekniska utvecklingen har möjliggjort för uppkomsten av nya typer av betaltjänster ochprodukter. Det har resulterat i att etablerade finansiella aktörer, under det senaste decenniet, harmött nya utmaningar i form av en ökad konkurrens från fintechbolag vilka, vid sidan avbefintliga regelverk, har utvecklat innovativa tjänster och produkter specialiserade inom ettspecifikt led inom kundkontaktskedjan. Med anledning av ikraftträdandet av det andrabetaltjänstdirektivet omfattas även fintechbolag av de bestämmelser som reglerarbetaltjänstmarknaden. Genom införandet av regelverket utökas omfattningen till att äveninbegripa leverantörer av kontoinformationstjänster och betalningsinitieringstjänster, så kalladetredjepartsleverantörer. Syftet med det andra betaltjänstdirektivet är bland annat att främjakonkurrens samt att effektivisera den finansiella marknaden. Samtidigt får inte den finansiellastabiliteten äventyras på bekostnad av ifrågavarande ändamål. För att främja finansiell innovation har vissa nationella tillsynsmyndigheter vidtagit olikaregleringsrelaterade åtgärder, såsom exempelvis en regulatorisk sandlåda, en innovationshubbeller ett innovationscenter. Med åtgärderna avses att med olika medel tillvarata den potentialsom fintech har att erbjuda finansmarknaden. Regleringsrelaterade åtgärder, vidtagna pånationell nivå, måste emellertid utvecklas och förhållas till gällande regelverk och får inte sättakonsumentskyddet på spel. I förevarande uppsats behandlas huruvida såväl det andra betaltjänstdirektivet som nationelltvidtagna regleringsrelaterade åtgärder förmår att främja tredjepartsleverantörersinnovationsförmåga på betaltjänstmarknaden, särskilt med beaktande av deras möjligheter attkonkurrera på den finansiella marknaden, utan att det sker på bekostnad av det finansiellasystemets stabilitet och säkerhet.

金融科技因為能大幅降低金融活動中的交易成本與門檻，同時打破傳統金融交易資訊不及時的情況，因此能創造以往未有的商業價值。其中P2P Lending即透過電子化技術創造交易平台媒合資金提供者與需求者的微型授信服務，因為省去傳統金融機構中介的成本，故能提升供需雙方效益。然而特殊的營運方式使資金提供者須承擔更高風險，實際上P2P Lending亦曾發生重大詐騙與倒帳事件，因此使英美中政府加強監管，相較之下，我國仍維持不納入金融監管原則，因此本研究試圖以Lending Club具有代表性的案例，提供投資者選擇投資標的的建議。 本研究搜集Lending Club自2007年至2011年42538筆已發行之借貸，在111個變數中使用 Pearson Correlation以及Information gain，並輔以文獻回顧進行變數選擇挑選22個變數。在搭配Dropout技術與透過網格搜索分析最佳化演算法、批次訓練樣本數、訓練次數等參數配置後，本研究訓練得到在測試集準確度達76%的類神經網路模型。經模擬後發現，類神經網路ROI的平均值為9.40，高於對照組7.02，經檢定驗證此差異結果可以採信，因此類神經網路能有效的給予投資人有效的投資建議。

本文以全球第一個演算法交易雲端平台－Quantopian進行研究，藉由平台社群討論區內公開之演算法交易策略，透過交易策略篩選和初步優化，以演算法交易策略為投資標的，搭配不同權重策略建構投資組合。權重策略部分，本文提出適用於組合式交易策略的績效指標加權 (Performance Index Weighted) 法，應用因子投資的觀念，融合排序相關性較低、不同面向之績效指標作為報酬率驅動因子，並參考Asness et al. (2013) 以因子排序作為權重計算依據，提供了簡單直覺、非最適化求解而且穩健的加權方式，更直接地將交易策略各面向績效的優劣反應在權重上。 根據數值分析，發現組合式交易策略長期而言，整體績效表現平均優於個別演算法交易策略，最小變異、績效指標加權和均等權重投資組合的風險亦明顯低於個別交易策略，且最小變異、績效指標加權和均等權重投資組合在降低投資組合風險的同時，並未犧牲過多報酬，風險調整後績效表現優於個別交易策略。而績效指標加權投資組合之年化報酬率、風險衡量和風險調整後績效表現皆優於最小變異、平均數－變異數、均等權重的加權投資組合，此種權重策略可使投資組合之夏普比率 (Sharpe ratio) 顯著提升，且投資組合的風險大幅降低，最大跌幅 (Max drawdown) 在四年半的實驗區間內降至10%以下的水準，風險調整後績效優異。 透過Quantopian社群演算法交易平台，個人投資者也能站在巨人的肩膀上學習，集合眾人的力量，憑藉量化交易創造出和機構法人一樣具有競爭力的投資組合。如Chan (2009) 所言，個人投資者也能憑藉量化交易，設計一套演算法交易策略。 / Quantopian is a crowd-sourced hedge fund which allows members on the platform to develop their own algorithmic strategies and even get capital allocations from Quantopian. In this paper, we constructed portfolios by Quantopian trading platform and proposed Performance Index Weighted method which generate consistently profit in our study. First, we filtered algorithmic trading strategies shared on the Quantopian community and improved the performance slightly. Second, we combined multiple algorithmic strategies with varied portfolio weight method, such as minimize-variance, performance index weighted, mean-variance, and equal weighed method to construct a portfolio. To elaborate, Performance Index Weighted portfolio is actually an application of factor investing, in which the portfolio weight depends on the ranking of performance index (factors), and these index measure returns, risk, and also risk-adjusted returns, which truly reflects how well the algorithmic strategy is. As a result, we used the performance index as a return driver and invested more in well-ranked strategies directly. Performance index weighted is a simple, robust, and fully intuitively way to construct a portfolio. In numerical analysis, we found that using multiple strategies to construct a portfolio could generate better performance than a single algorithm strategy on average. Moreover, the annual returns, risk measure, and risk-adjusted returns of Performance Index Weighted portfolio turn out to be better than minimize-variance portfolio, mean-variance portfolio, and equal weighted portfolio. As a result, Performance Index Weighted portfolio has significantly higher Sharpe ratio and lower Max Drawdown (lower than 10% in our out-of-sample test) than other portfolios, which shows excellent risk-adjusted performance. Most important of all, retail traders could learn more precisely by standing on the shoulders of giants through Quantopian trading platform. Also, by collecting wisdom from the crowd, we create an opportunity for retail traders to construct competitive portfolios just as institutional investors do.

金融科技是當前歐美先進國家之潮流趨勢，由於資訊科技的進步，現今金融業者面對外在競爭者不再只侷限於傳統金融業者，新創科技業者也加入角逐金融服務這塊大餅，破壞式創新正在我國加速發酵中。金融科技新興商業模式的興起，涉及各個不同面向與關鍵成功因素，這些面向與關鍵因素之間的相對權重，乃是相關產業與政府部門值得深入探討的課題。 本研究旨在探討台灣金融科技關鍵因素之權重分析，藉由相關文獻的蒐集與彙整，建立層級架構，主層級架構包含四個面向：政府面向指標、業者面向指標、顧客面向指標、以及技術安全指標，藉由此四項指標整合出各項次層級之影響因素，透過層級分析法進行研究分析，整理出各項影響因素的權重排序。 本研究透過市場調查，將問卷對象分為兩類，包括專家以及學生群組，經過問卷調查後發現，不論專家或是學生群組，皆認為「技術安全指標」是金融科技發展中最重要的關鍵指標。在整體問卷實證結果中，關鍵因素之權重排序依次為：「提升消費者信賴程度」(0.0864)、「法規的鬆綁與調整」(0.0563)、「使用者身份加密機制」(0.0523)、「勒索軟體之威脅」(0.0488)、以及「殭屍病毒之威脅」(0.0475)。 不同群組的問卷對象之調查結果顯示，專家群組認為「提升消費者信賴程度」(0.1112) 以及「擴增消費者體驗」(0.0586)為前二重要的影響因子；學生群組認為「提升消費者信賴程度」(0.0630)、以及「使用者身份加密機制」(0.0575)為前二重要的影響因子。專家以及學生群組皆認為「提升消費者信賴程度」為金融科技發展中相對重要的影響因子。 / Financial technology is the current trend of the advanced countries such as Europe and the United States. Due to the progress of information technology, the current financial industry that faces the external competitors are no longer confined to the traditional financial industry, the new technology industry also joined the financial services. Disruptive Innovation is accelerating fermentation. The rise of the emerging business model of financial technology involves various different aspects and key success factors. The relative weight between these and the key factors is the subject of the relevant industries and government departments that are worthy of further study. The purpose of this study is to explore the weight analysis of the key factors of Taiwan's financial science and technology, and to establish a hierarchical structure through the collection and compilation of related literature. The main level structure includes four aspects: government-oriented indicators, industry-oriented indicators, customer orientation, and technical safety Index. Through the four indicators of the integration of the sub-level of the influencing factors, and also through the hierarchical analysis of research and analysis, it is sorted out the impact of the weight of the factors. Through the market survey, the questionnaire will be divided into two categories, including experts and student groups. It is found that regardless of the expert or student groups, both of them think that "technical safety indicators" is the most important financial technology development Key indicators. In the whole questionnaire, the key factors are ranked as follows: "Enhancing the degree of consumer trust" (0.0864), "Relaxation and adjustment of regulations" (0.0563), "User identity encryption mechanism" (0.0523)," the threat of the software " (0.0488), and "the zombie virus threat " (0.0475). The results of the questionnaires of the different groups show that the group of experts considered " Enhancing the degree of consumer trust" (0.1112) and the "Expanded Consumer Experience" (0.0586) as the first two influencing factors; the student groups consider " Consumer trust" (0.0630), and the" user identity encryption mechanism" (0.0575) for the first two important factors. Experts and students consider that "Enhancing the degree of consumer trust" for the development of financial technology is a relatively important factor.

現今科技日新月異，不斷突破創新，產業環境變動的步調也越來越快，新竄出之金融科技(Finance Technology)的應用，使得許多企業越加注重技術方面的研發創新，尤其，善加運用專利資訊能有效節省研發經費與時間。因此如何有效運用專利是企業維持競爭優勢不可或缺的一環。 有鑑於此，本研究搜集近年各國專利資料庫之專利資料，將資料分為三個時期，並區分申請中與已申請之專利資料，透過文字探勘技術與機會探索分析出金融科技之發展與趨勢，了解各時期詞彙間之關聯性與差異，再搭配視覺化工具KeyGraph，以描繪出金融科技領域之相關詞彙關聯趨勢圖，挖掘未來潛在趨勢。 本研究之結果了解金融科技在各時期的趨勢發展變化與尋求脈絡，以及過去各時期之專利佈局，因而從結果中發現金融科技之發展方向主體為支付領域，許多支付科技接連出現在三個時期中。然而近幾年，其他金融領域如投資、融資、保險、資料分析等也漸漸浮出，從本研究之第三個時期的高頻字詞高達34個可看出，可見金融科技之專利發展佈局已快速從支付領域拓展至其他金融領域。本研究所挖掘出之潛在趨勢顯示了未來金融科技領域中將會有五大重點發展領域，分別為服務整合領域之雲端科技、支付領域之生物辨識與穿戴支付與加密貨幣、資料分析領域之機器學習與人工智慧、信息收集與處理領域之遠程信息處理科技、以及理財投資領域之理財機器人。 期望本研究結果能幫助企業，在面臨新科技不斷衝擊產業，而產業不斷尋求創新發展之下，能夠快速檢閱目前市場趨勢，藉此釐清並改善自身之發展策略，以因應外部環境之變動，提供企業作為金融科技發展之策略參考，也能有助於企業釐清與制定金融科技之投資方向，以擁有持續的競爭優勢。 / Nowadays, with the rapid advancement of information technologies, the changes of business environment and the way to deal with the changes are becoming faster and faster. The development and adoption of new financial technologies has made many enterprises pay more attention to the research and development (R&D) initiatives. Besides, making good use of patent information can effectively save the budget and time of R&D, so how to effectively use patent information is an indispensable part for enterprises to maintain their competitive advantages. This study collected the patent data from the national patent database, and divided the data into three periods, and distinguished the data between the applying and the applied patents. Through the text mining techniques and chance discovery, this study explored the development and trends of financial technology and also aimed to understand the relevance and differences between the major terms in each period. Then, with the visual tool, KeyGraph, this study illustrated the associations between related terms, and proposed the potential future trends based on the graphs. The results of this study help monitor the changes of the trends and financial technology’s development in the three periods, and understand the patent portfolios in each period. This study has found that the main direction of financial technology’s development is the payment field. Many technologies related to payment have successively appeared in the three periods. However, in recent years, other financial areas such as investment, financing, insurance, data analysis and other areas are gradually emerging, since we found 34 high-frequency terms in the third period. This also shows that the development of financial technology’s patent portfolios has expanded from payment to other financial areas. The potential trends of financial technology’s development in this study are five areas, namely, technologies of cloud, biometric and wearable payment and cryptocurrency, machine learning and artificial intelligence, telematics technology, and robo-advisors. It is expected that this study can serve as a reference for the development of financial technology, and help enterprises be able to quickly review their current market trends, clarify and improve their own R&D strategies to respond to the changes in the external environment. Also, it is hoped that the results can help enterprises clarify and develop their own investment directions to maintain competitive advantages.

FinTech不僅為金融產業熱門之議題，亦為未來金融產業發展之重大方向，因而多數金融機構投入大量資金作為FinTech相關業務之研發，但企業內部卻對策略發展方向毫無頭緒，導致資源應用不當之情況發生，因此本研究結合學術之工具，改善企業盲目投資之問題，使企業能依據顧客之需求提供全方位之解決方案。 　　本研究採用個案研究法，以我國金融控股公司領導品牌之一為研究對象，藉由與個案公司內部人員會談及其他公開管道蒐集相關資訊並加以分析，探討FinTech對顧客價值主張與金融產業現有業務所帶來之影響，並透過分析企業之自身內部優勢及外部機會形成以FinTech為主軸之創新策略，再進一步深入探討該創新策略之執行及其所衍生出之策略性智慧資本應如何進行管理。 / FinTech is not only a hot issue but also a major direction for the future development of the financial industry. Most financial institutions have invested heavily in FinTech-related research and development, but they have no idea how to develop the strategy. This situation misguided valuable resource to wrong business. So, this research paper applies academic tools to provide a total solution for enterprises on investment based on customer needs. 　　This research paper adopts case study method. The case company is a financial holding company in Taiwan, which is one of leading financial institution. In this year, discussing with company employees and analyzing related data to gauge the impact of customer value proposition of the existing financial industry. Creating an innovative strategy based on FinTech by evaluating the company’s internal strengths and external opportunities. Further, discussing on the implementation of the innovative strategy and how to manage intellectual capital derived from the innovative strategy.

Im ersten Abschnitt der Arbeit werden, neben dem grundlegenden Ablauf, die unterschiedlichen Factoring-Formen und Funktionen erläutert. Es erfolgt eine Abgrenzung zu anderen kurzfristigen Finanzierungsformen. Für diese Arbeit wurden Geschäftszahlen der Jahre 2008 bis 2018 von 106 Factoring-Unternehmen über die elektronische Ausgabe des Bundesanzeigers erhoben. In dem darauffolgenden Abschnitt erfolgt die Arbeit mit den empirischen Daten. Die Daten werden diskutiert, aufbereitet und anschließend ausgewertet. Es werden Entwicklungen am Arbeitsmarkt und der Gesamtwirtschaft beobachtet und im letzten Abschnitt der Arbeit die aktuellen Entwicklungen der Fintechs betrachtet. Dabei wird der Begriff „Fintech“ zunächst definiert und die Unterschiede zu klassischen Geschäftsmodellen kritisch analysiert. Abschließend erfolgt eine Zusammenfassung der Ergebnisse.:1 Einleitung 2 Definition und Abgrenzung des Factorings 2.1 Definition und Formen des Factorings 2.2 Bedeutung und Funktionen des Factorings 2.3 Alternative kurzfristige Finanzierungen und deren Kosten 3. Entwicklung des Factoring-Marktes in Deutschland 3.1 Erhebung und Herkunft der Daten 3.1.1 Statistische Beurteilung – Qualität der Daten 3.1.2 Regression – Schätzen fehlender Werte 3.1.3 Interpretation der Daten 3.2 Einteilung der Unternehmen 3.2.1 Nach Unternehmensgröße laut HGB 3.2.2 Nach Rechtsform 3.2.3 Nach Standort 3.2.4 Nach Gründungsdatum 3.2.5 Nach Wirtschaftsbranche der Factoring-Kunden 3.3 Positionen der Gewinn- und Verlustrechnung 3.3.1 Zinserträge / Provisionserträge 3.3.2 Zinsaufwendungen / Provisionsaufwendungen 3.3.3 Allgemeine Verwaltungsaufwendungen 3.3.4 Wertberichtigungen auf Forderungen 3.3.5 Sonstige Gewinn- und Verlustrechnungspositionen 3.3.6 Ergebnis aus normaler Geschäftstätigkeit 3.4 Positionen der Bilanz 3.4.1 Forderungen und Verbindlichkeiten 3.4.2 Sonstige aktive Bilanzposten 3.4.3 Eigenkapital 3.4.4 Sonstige passive Bilanzpositionen 3.5 Arbeitsmarkt / Anzahl der Mitarbeiter 3.6 Entwicklung der Factoring-Quoten, Kundenzahlen 3.7 Historische Entwicklung und regulatorische Einflüsse 4 Entwicklungen in der Fintech-Branche 4.1 Definition von Fintechs 4.2 Dienstleistungsunterschiede zu klassischen Factoring-Anbietern 4.3 Börse für Factoring 4.4 Kritische Auseinandersetzung 5 Zukünftige Entwicklung 6 Fazit / This bachelor thesis evaluates the development of the german factoring market between the years 2008 and 2018. For the evaluation key figures of annual financial statements, employment market and the factoring branch in general are compared between 164 factoring companies.The thesis also discusses the latest innovation of fintechs and draws a comparison to traditional factoring companies. In conclusion, the results clearly show a growth of the industry within the evaluation period.:1 Einleitung 2 Definition und Abgrenzung des Factorings 2.1 Definition und Formen des Factorings 2.2 Bedeutung und Funktionen des Factorings 2.3 Alternative kurzfristige Finanzierungen und deren Kosten 3. Entwicklung des Factoring-Marktes in Deutschland 3.1 Erhebung und Herkunft der Daten 3.1.1 Statistische Beurteilung – Qualität der Daten 3.1.2 Regression – Schätzen fehlender Werte 3.1.3 Interpretation der Daten 3.2 Einteilung der Unternehmen 3.2.1 Nach Unternehmensgröße laut HGB 3.2.2 Nach Rechtsform 3.2.3 Nach Standort 3.2.4 Nach Gründungsdatum 3.2.5 Nach Wirtschaftsbranche der Factoring-Kunden 3.3 Positionen der Gewinn- und Verlustrechnung 3.3.1 Zinserträge / Provisionserträge 3.3.2 Zinsaufwendungen / Provisionsaufwendungen 3.3.3 Allgemeine Verwaltungsaufwendungen 3.3.4 Wertberichtigungen auf Forderungen 3.3.5 Sonstige Gewinn- und Verlustrechnungspositionen 3.3.6 Ergebnis aus normaler Geschäftstätigkeit 3.4 Positionen der Bilanz 3.4.1 Forderungen und Verbindlichkeiten 3.4.2 Sonstige aktive Bilanzposten 3.4.3 Eigenkapital 3.4.4 Sonstige passive Bilanzpositionen 3.5 Arbeitsmarkt / Anzahl der Mitarbeiter 3.6 Entwicklung der Factoring-Quoten, Kundenzahlen 3.7 Historische Entwicklung und regulatorische Einflüsse 4 Entwicklungen in der Fintech-Branche 4.1 Definition von Fintechs 4.2 Dienstleistungsunterschiede zu klassischen Factoring-Anbietern 4.3 Börse für Factoring 4.4 Kritische Auseinandersetzung 5 Zukünftige Entwicklung 6 Fazit