What does the future hold for fintech and other market players?
By Paul Marcantonio
Fintech, fintech, fintech. The last decade or so has been witness to seismic changes, which have shaken the very foundation of the banking tradition – not to mention, of course, the upheaval and recalibration of everything from accommodation to taxi services to food delivery.
The world is a different place, and commerce – particularly online commerce – has seen hundreds, if not thousands, of new, innovative players emerge. When did fintech become so prevalent – so pervasive? Well, the way new market players see it – there’s profit to be made, and there’s nowhere quite like the financial services industry to make it in. Innovation is often seen to be at odds with innovation, but are traditional players, such as banks or financial institutions, really fighting fintech?
Fintech, ultimately, is technology, and technology, especially in today’s market environment, is a huge advantage. Banks are adapting, adopting fintech innovations and collaborating with key representatives of the emerging sector.
But will these two parties be able to defend their domain from even bigger challengers? Internet giants, such as Google, Amazon, and Apple, are increasingly investing in financial services and competing – across a number of platforms – with traditional banks as well as fintech players. The future will see the market share split between the three parties, but who will take which piece of the pie?
The last decade or so has been witness to seismic changes, which have shaken the very foundation of the banking tradition. Paul Marcantonio tells us what the future holds for fintech and other market players