June 13, 2018
The ability to develop and adopt advanced technological solutions has been widely attributed to the startup community rather than to corporate players (banks, insurers, etc.). The year 2018 and the years ahead will be very different – corporations are gradually taking over the game by either aggressively pressuring startups in developing niches with own solutions, or by monopolizing the areas of advanced technologies applications by democratizing their adoption.
Prices will fall, technology will get more accessible to businesses, and the startup community will face not only peer pressure but a revival of corporate players that are re-exploring channels, niches, and products/solutions after going through a learning curve in various forms.
The bank-FinTech narrative may pass the stage of beautiful friendships and head straight to institutions using startups’ own weapons against them, leading to a massive consolidation in an unviable and expensive community of 11,000+ financial technology firms operating around the world.