Three Major FinTech Developments to Watch in the Next Few Years
In the past decade, the financial industry has gone through a massive upheaval. The landscape of FinTech has moved from a small number of disruptive startups to an industry that is transforming the overall business landscape. Investments in financial technology have positively blown up. Since 2016, more than $15.6 billion has been invested in seed, early, and late-stage U.S.-based FinTech startups.
For consumers, technology has become a chief constituent in managing day-to-day finances. PwC’s Global Fintech Survey 2017 identified activities that incumbent financial services providers believe their customers were already conducting with FinTech companies. 84% of incumbents mentioned that their customers were making payments with FinTech companies, 68% were conducting fund transfers, and 60% said their clients were using FinTech for their personal finances.
We believe that radical transformation is on the cards in the world of finance. However, the future will revolve around openness, collaboration, automation and investment between the traditional financial institutions and
Winning Collaboration between Financial Institutions and FinTech:
FinTech companies and banks are now building ties across the sector as they can anticipate benefits involved with successful collaboration. Fintech firms require capital and entrée into the customer base. Partnering with a large incumbent who will pitch them to their client base appears as a smart growth hack for
Steve Davies, PwC's EMEA
To reinvent finance, incumbents like HSBC are increasingly turning to startup to help them navigate the change. HSBC partnered with Tradeshift last year. Santander has partnered with US online lender Kabbage. JPMorgan has inked a similar deal with online loan provider OnDeck.
Fintech Success Story: A social media analytics application to capture market sentiment for the finance industry using qualitative and quantitative methods
Fintech – Towards Data Science:
Big data is giving a make-over to financial services landscape and data science is fueling up the
For instance, Fintech pioneer
A Need to Prioritize Integration and Connectivity:
Better connectivity will be the answer to longevity. Embracing a more connected way of doing business increases the likelihood for businesses to be around for almost a decade and beyond. Making sure each part of the company is connected, whether it is through data, process, or the people themselves, will allow for better decision-making and the ability to stay nimble in a time when financial laws and regulations change rapidly.
Traditional businesses often compartmentalize their operations into departments, and in many cases, those departments can fail to communicate, leading to critical oversights. When everything is connected a better flow of information is possible, meaning
What do you think about the developments expected from
SSI has an extensive experience in the Financial Technology space working with partners ranging from established solution providers to startups in the Trading, Investment
Read More: An advanced data ingestion platform to handle massive multi-stream data feed to a powerful data warehouse of a global financial information and software company
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