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Fintech Firms Attacking All Facets of Banking

#artificialintelligence

Here are seven critical aspects of the new environment in the financial industry that both traditional banking providers and fintech firms must understand. For the past decade, new fintech providers have focused on providing an enhanced consumer experience around a rather narrow set of financial products and services. This has impacted traditional banking organizational planning, innovation and even investments in technology. As the banking and fintech industries begin to merge through consolidation and collaboration, the focus will move beyond simply providing better payment, lending, money transfer and digital engagement experiences, extending to the entire financial services ecosystem according to a report from McKinsey. These changes will be supported by new regulations, demands from increasingly digital consumers, and a new "platformification" perspective as introduced by Ron Shevlin.


Fintech Firms Attacking All Facets of Banking

#artificialintelligence

A report from McKinsey argues that there are seven critical aspects of the new financial services environment that must be understood by traditional banking and fintech firms. For the past decade, new fintech providers have focused on providing an enhanced consumer experience around a rather narrow set of financial products and services. This has impacted traditional banking organizational planning, innovation and even investments in technology. As the banking and fintech industries begin to merge through consolidation and collaboration, the focus will move beyond simply providing better payment, lending, money transfer and digital engagement experiences, extending to the entire financial services ecosystem according to a report from McKinsey. These changes will be supported by new regulations, demands from increasingly digital consumers, and a new "patformification" perspective as introduced by Ron Shevlin.


Banks and Fintechs: Adversaries or Partners? - Knowledge@Wharton

#artificialintelligence

The fast-moving world of financial technology, better known as fintech, is settling into a global pattern. Disruptive fintech startups not long ago were thought to threaten important revenue streams of even the biggest financial institutions. But they are now pursuing business models based on collaboration with banks or even being acquired by them. And banks increasingly see ways they could improve customer service by working cooperatively with the nimble entrants, which are unconstrained by layers of bureaucracy, regulation and conservative corporate cultures unused to rapid change. But don't expect total harmony, say experts. Some fintechs will aggressively go it alone and challenge the legacy banks in their most lucrative markets. And recent rule changes in Europe, which force banks to transfer closely guarded customer information to fintechs upon customer request, will add new momentum to the upstarts.


Banks and Fintechs: Adversaries or Partners? - Knowledge@Wharton

#artificialintelligence

The fast-moving world of financial technology, better known as fintech, is settling into a global pattern. Disruptive fintech startups not long ago were thought to threaten important revenue streams of even the biggest financial institutions. But they are now pursuing business models based on collaboration with banks or even being acquired by them. And banks increasingly see ways they could improve customer service by working cooperatively with the nimble entrants, which are unconstrained by layers of bureaucracy, regulation and conservative corporate cultures unused to rapid change. But don't expect total harmony, say experts. Some fintechs will aggressively go it alone and challenge the legacy banks in their most lucrative markets. And recent rule changes in Europe, which force banks to transfer closely guarded customer information to fintechs upon customer request, will add new momentum to the upstarts.