Chartered Banker magazine posed this question to a series of financial industry professionals and was inundated with replies. We’ve picked out a selection of insightful comments below:
Michal Gromek, a FinTech expert at the Stockholm School of Economics, Forbes Magazine contributor and author of the Stockholm FinTech Report
“The future isn’t black or white and unfortunately – doesn’t lie with either FinTech or Incumbents. It lies in seeing the urgency of co-operation needed today and learning how to facilitate effective communication between both of them. FinTech companies haven’t yet served ‘cash cows segments’ (such as mortgages, corporate services or trading) of the banks on a large scale.
Tom Graham, lead for Accenture Fintech Innovation Lab London
“The future market is mixed. It will likely see a small number of FinTech brands emerge that have been able to scale, generate revenues and complete with incumbent players. It will also belong to banks that can use their existing scale to build new sources of growth, including finding opportunities beyond traditional financial services.
Banks that are making strategic alliances with FinTechs and the tech ecosystem around them will emerge as winners. If they don’t, ‘big tech’ retail players will continue to nibble away at existing sources of banking revenue and reduce the relevance of traditional players to customers.”Read full article