Disruption of banking by fintech is showing no signs of slowing. Of the many innovations now appearing, online credit scoring, peer-to-peer lending, digital wallets and open banking are among those making the biggest impact. They have all emerged as key drivers of the digital transformation taking place across the financial services industry.
Many legacy banks believe these trends threaten their core business. In fact, what the finance industry has seen is that taking an adversarial approach does not work. Instead, the most effective answer to the rise of fintech is to look for areas of cooperation. It appears the task for banks today is not to fight back against fintech. Rather, banks need to internally develop a culture of innovation that allows them to embrace new technologies and fintech partners.
Banking is rapidly heading to a crossroads. With consumers increasingly leading digital lives, they have come to expect high quality digital experiences from the companies and institutions they turn to on a daily basis. Banks must either rise to the challenge of providing these experiences or risk being left behind.
Find out how fintechs are disrupting global finance and what it means for your business. Visit the companies and meet the visionaries at the forefront of change in traditional banking.