FINTECH
THE PACE OF change in the financial services sector is incredible . This unprecedented level of disruption has forced industry professionals to reconsider virtually everything about the role of finance – from the way that mobile money services have tapped into a demographic that itself could turn into a $ 3trn opportunity , through to the prevalence of artificial intelligence , transaction and contextual data and more .
With its annual report named “ Redrawing the Lines : FinTech ’ s Growing Influence on Financial Services ,” PwC set out to examine both the continued rise and development of new business models and emerging technologies in the financial services sector across the globe . The analysis , based on a global survey of 1,308 financial services and FinTech executives , includes a number of impressive insights relating to how we ’ ve gotten to this point and where we may be headed in the not-too-distant future .
FinTech and financial services : Partners in the future One of the most interesting findings to come from the report relates to the evolving role of FinTech in financial services as a whole . Though FinTech may have begun life as a series of start-ups who were looking to disrupt the status quo , modern companies are instead looking for something different - partnerships .
In many ways , a partnership creates a mutually-beneficial situation for everyone involved . FinTech start-ups need customers , while financial services professionals will increasingly depend on new approaches to both drive change forwards while delivering innovation to their customers . Feeding the innovation driven by FinTech in areas like e-retailers , social media platforms and similar sources back into financial services seems likely to be an efficient way to accomplish both of those goals .
Much of this change is in part due to one of the most important findings of the PwC report - more than 80 % of those who responded believe that their entire business is at risk . Some 88 % of established financial services professionals are growing increasingly concerned that they are losing revenue to more innovative competitors , while 77 % of financial institutions reported that they would
18 August 2017