Fintech has the potential to transform banking. Start-ups are introducing new services that are making existing tasks easier and cheaper to perform. They are also creating new markets, with the attendant prospect of new revenue streams. Although these developments could threaten the established banks, they also offer providers the chance to reinvent themselves and reconnect with their customers.
Find out which areas of retail banking are most susceptible to fintech-inspired disruption and transformation.
Understand the pros and cons associated with the various strategies that banks can use to boost their involvement with fintech.
Explore the impact that fintech innovation can have on customer satisfaction with, and loyalty towards, their bank.
How can banks overcome internal resistance to change to instill a culture of innovation?
In which sectors will fintech have the most impact and cause the most disruption?
What strategies should banks pursue to respond to fintech-driven changes in the market and take advantage of the new opportunities on offer?
Global investment in fintech is growing rapidly, boosted by the creation of several accelerator programs in London, New York, and elsewhere. Banks are responding with their own schemes to identify and nurture fintech innovators.
Fintech is affecting several aspects of retail banking, with peer-to-peer lending, crowdfunding, data analytics, credit facilitation, and biometrics all significantly changing the dynamics of the industry.
Banks are using a number of strategies to combat the threat posed by fintech entrants, including acquiring key targets, partnering with companies that will complement their own services, and allowing access to third-party applications through their platforms.