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Technology transformation
The lines between financial services (FS) and technology, media and telecommunications (TMT) firms have blurred to the point that the roads are a free-for-all and previously distinct sectors are colliding. Many TMT companies are applying for FS licences, and FS organisations have begun calling themselves technology companies. Fintech, or financial technology, is at the epicentre of this transformation. The FS and TMT industries are both using it to sharpen operational efficiency, lower costs, improve customer experience and heighten the appeal of their products and services. They’re also carving out new commercial possibilities. Digital-only banks are offering redesigned client propositions and cost profiles. Investment managers are deploying fully customised robo-advice. Insurers are using sensors to monitor people’s health and help prevent illness. And according to a recent PwC survey, consumers are ready for the digital shake-up. The question is no longer whether fintech will transform FS, but which firms will apply it best and emerge as leaders.
In this year’s Global Fintech Survey, we polled more than 500 FS and TMT executives worldwide and analysed their responses. We think the winning companies will be those that not only embrace fintech-driven business models but figure out how to navigate wider and more crowded lanes with approaches that make the most of FS and TMT’s combined strengths. This report will explore the current fintech landscape, the factors that will determine the likely winners and losers in coming years, and the steps that organisations can take to put themselves in the best position to lead.
How to position your firm for success
As gaps between leaders and laggards grow, FS and TMT businesses need to move quickly if they’re going to capitalise on fintech’s potential and avoid being marginalised.
Recognising the different starting points and what is likely to be a triangular play among TMT, fintech and established FS, download our report for further insight on how firms can get up to speed across four key growth areas: digital, deals, workforce transformation, and risk and regulation.
The really big changes have to be top-down. They have to be strategic. They have to be something that leadership, the board, and the executives are closely involved in and have decided the organisation needs to pursue.
Seizing marketplace opportunities
Firms that already have embedded fintech and are beginning to fuse TMT and FS strengths are set to seize most of the opportunities in the marketplace for differentiation and growth. Organisations that ignore the shake-up not only risk falling short of customer expectations, but also open the door for aggressive entrants to move in and claim market share and customer relationships. Following the action plan we’ve outlined will put your company on track for success.
“In China, convergence is gathering pace. At the top of the market, we’ve even seen regulators seeking to match up the big four TMT firms with the big four banks and get them to work together — you could call it an arranged marriage. The TMT firm provides the tech-enablement and the FS firm delivers the end product.”
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