To Understand the Future of the Financial Services Industry, We Must Look Beyond FinTech

While businesses are catching up with the rise of e-commerce and the mobile-first world, physical interfaces altogether are gradually falling into obsolescence. The year 2017 gives strong reasons to believe that working on the enhancement of the experience with any physical interface could be a wasteful attempt to better feed a horse instead of investing in a car (if we were to use Ford’s terms).

The problem is, however, not only in the situation where businesses are still catching up with basic trends, not speaking of exploring the vast opportunities RegTech opens, or all-in-one business banking solutions. The community of business, FinTech, banking consultants/professionals, in addition, tends to heavily rely on false indicators in an attempt to remain relevant and make predictions. FinTech, often, is one of those wrong indicators, and I will further try to expand on why.

FinTech trends do not predict the future, they often only represent an immediate business opportunity that spun out of control and beyond reason

There is a massive community of 7.2K+ FinTech startups around the world, bringing undeniable benefits across segments – democratization of remittances resulted in better inclusion, cross-border payments solutions that shed barriers for businesses, inclusion through economic identity on the blockchain, and a lot more.

On the other hand, every entrepreneur is a businessman/woman, and every startup is a business venture, pursuing an adequate goal to gain traction, and eventually to profit. While assessing the business opportunity, among other things, entrepreneurs exercise their predictive abilities by estimating market size, potential demand, and industry trends in various segments, as well as look at role models that are successfully working in the segment of interest.

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