Global banking executives fear that up to a quarter of consumer banking and payments business could be at risk within 5 years from emerging Fintech firms.
The impact of digital technology and the digital consumer is transforming the way consumers access financial products and services. Beyond simple transactions, such as checking balances, the intersection of finance and technology (fintech) is impacting virtually all categories of financial services at an increasing rate, reshaping the industry’s status quo. Technology-focused start-ups and new market entrants are reshaping the banking, payments, insurance and wealth management sectors through innovation and a consumer-focused digital mentality. The impact, according to an analysis of companies included on PwC’s DeNovo platform, is that funding of fintech start-ups more than doubled in 2015 reaching $12.2bn, up from $5.6bn in 2014.