The idea that fintech is a threat to the financial services sector is bubbling – a 2015 PwC survey found 83% of financial services professionals were worried about losing business to upstart fintech companies.
There is no doubt that fintech has been a disruptor across the financial services industry. The former chief executive of Barclays Bank in the UK has described the technology as an “unstoppable force” and he’s right – the fintech revolution has taken hold, but contrary to common concerns, it is not a threat. It is one of the greatest opportunities for banks to change the way they deliver services and products in the application economy.
Investing in and developing software is the critical success factor here for banks, and the only way to keep pace with the rapidly changing industry and the challenge thrown by fintech innovators, who describe themselves more as technology companies than financial services players. As banks transition from traditional financial services organisations to ones driven by software applications, planning, building, managing and securing applications must be the key priority.
Sourced through Scoop.it from: www.bankingtech.com