Fintech & Banks- Marriage or Co-opetition!!

There is going to be a huge change in the banking industry in times to come. The banking sector is vulnerable to disruption. It is going to be all about access and convenience

It all started with the financial crisis in 2008 which eroded the trust on banks which was the cornerstone for the bank as a brand!

Post the crisis, the rise of fintech startups, the blockchain technology gaining ground and the dominance of the millennials is evolving the industry!

Banks will eventually migrate their customers to their own digital banking services and re-position themselves in the value chain from being a provider of infrastructure and product, to being at the heart of the customer relationship in a secure and holistic digital environment

In the current landscape, people need banking, but they don’t necessarily need banks!

And here comes an exciting alternative popularly known as FinTech- “Financial Technology” changing the way people pay, send money, borrow, lend and invest

Space to watch:-

Wearables- shifting from a health device to a payment device

Innovative apps for offline payments and remittances

Crypto-currencies and blockchain technology

Regulations- to shape up uniformly across the financial sector globally