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Double-Faced Innovation in the Financial Services Industry

The flip side of technological advancements across industries often fades when weighed against new opportunities. It’s important, however, to acknowledge that any innovation is double-faced and may carry risks that in the long-run could outweigh immediate benefits. In the financial services industry, in particular, the innovative solutions pushed to the market by FinTech startups are seen as a positive force fostering financial inclusion, but are rarely looked at with skepticism.

Meanwhile, according to Citigroup research, total investments in financial technology have grown exponentially in the past decade – rising from $1.8 billion in 2010 to $19 billion in 2015 – with over 70% of this investment focusing on the last mile of user experience in the consumer space. The majority of this investment has also been concentrated in the payments area, where banks are seeing the most competition with new entrants.

Financial inclusion for unbanked on the bright side

Given the massive financial interest in FinTech and the disruption is causes, let’s ...

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