Summary of The Disruption of Banking

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FinTech companies, such as those that offer peer-to-peer lending or online wallets, are increasingly challenging traditional banks. An ample dose of hype has accompanied this growing financial services offshoot, making it difficult to see what the future might hold for digital banking. This timely survey from the Economist Intelligence Unit clarifies the forces shaping the new landscape and offers ideas on how banks and FinTech firms can collaborate. getAbstract recommends the report’s insights to financial services executives, technology professionals, analysts, and those interested in the future of FinTech and its impact on the banking industry.

About the Author

The Economist Intelligence Unit is an independent research and analysis organization.

 

Summary

Companies in financial technology – FinTech – provide Internet- and mobile-based financial services across a broad range of retail banking products. While an estimated 4,000 FinTech firms made up less than 2% of the market in 2015, the segment received more than $25 billion from venture capital funds between 2010 and 2015. In surveys of traditional senior bankers and FinTech executives, more than 90% of the bankers surveyed believe FinTech firms will have a meaningful effect on banking. About one-third of them say these upstart firms can achieve an equal or dominant market position relative...


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