CB Insights’ new report titled ‘The Future of Fintech’ highlights how disruptive technologies in the financial industry are and will continue to challenge banks and traditional financial institutions. The report highlights that advances in technology, consumer demand and consumer behaviour are the key drivers of innovation in financial services. While many Fintech start-ups will eventually fail, it is those who will succeed and grow it to large companies that will post the biggest threat to the large players in banking and finance.
While traditional financial services companies are not viewed very favourably by millennials, many of the ‘new breed’ of financial services providers from the Fintech and tech space are viewed as much more suitable by the new generation of consumers.
The report further analyses several key areas within the Fintech space, such as bitcoin and the blockchain, wealth management and personal savings, payments and remittance tech, insurance tech and digital challenger banks.
Insight into the investment inflows into Fintech by traditional financial institutions and venture capital companies is also given, suggesting that the Fintech boom is far from over.
And finally, CB Insights highlights the nine trends in Fintech that they are watching, which include the use artificial intelligence for investing, the rise of challenger banks, the peer-to-peer model entering the insurance space, real estate crowdfunding and many more.
To download the report, click here.