THE FINTECH EFFECT
‘ The funding of FinTech startups has increased at a compound annual growth rate of 41 % over the last four years alone ’
these are the most important areas to focus on during this time :
• Data analytics
• Mobile
• Artificial intelligence
• Cyber-security
• Robotics process automation
• Biometrics and identity management
• Distributed ledger technologies
• Public cloud infrastructure .
These priorities illustrate that financial institutions are actually beginning to follow the trends that FinTech companies are setting .
At the same time , financial institutions are focusing on updating their legacy systems with a strong focus on these types of technologies .
The ripple effect of disruption The PwC report also highlights the particular areas of the financial services industry that will see the highest levels of disruption over the next five years . Those seasoned veterans who are able to both embrace change and find the right partnerships with FinTech providers will no doubt be able to adapt and rise to the occasion . Those who aren ’ t will no doubt run into
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