July 4, 2016
As some estimations suggest, ~$4.7 trillion out of $13.7 trillion of the traditional financial services’ revenue is at risk of being displaced by new technology-enabled entrants which include FinTech players from lending, wealth management, payments and others. Even though there is a debate on the accuracy of estimations with some thinking of it as an exaggeration and others believing it to be more real than it looks like, there is a general consensus that FinTech has a substantial impact on the financial services industry and its traditional players.
In response to the changing environment and transforming consumer behavior, banks have come up with the ways to adjust – fight back, partner, incubate/accelerate, restrict, etc. Some of the most forward-thinking institutions have turned to