Opportunities abound with new customer-centric FinTechs/InsurTechs

I wrote a piece about Digital Transformation and FinTech the other day, and wanted to add an example of a new money transfer service. P2P Cash Introduces New Money Transfer Service.

It is interesting that the disruption is now becoming even more clearer.

Take a look at the quote from the article:

CEO of P2P Cash, Tom Meredith said: “Free Money Transfer’ is not a promotional price. We are permanently setting our service price as free, which means we will never charge the transfer fee that most other services do. We want to change the whole pricing structure of the money transfer business to the benefit of the customer by eliminating unnecessary fees. We built a highly efficient system that leverages the widespread ownership of mobile phones, cloud-based data storage, blockchain innovations and a virtual organizational structure to dramatically reduce the cost of delivering money between accounts across borders,”

It’s clear that these folks are thinking about the financial industry in a very different way — in a customer-centric way.

I don’t think the banks or the insurance providers should be afraid of this new tech, but they should start looking for opportunities as this new tsunami of tech companies pushes the boundaries of regulations in our financial system.

There are a a lot of needles in the haystack, and they will be found — are the banks/insurers going to find it first or are the FinTechs/InsurTechs?

All the best!

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