PwC’s newest edition of its annual evaluation of the fintech ecosystem – the Global Fintech Report 2017 – is titled: Redrawing the lines: Fintech’s growing influence on Financial Services. It indicates that financial institutions are finally warming up to fintech firms, and are ready to start scooping up the start-ups offering the best fintech solutions.
The report finds that a wide majority comprising 82% of financial services incumbents plan to increase fintech partnerships in the next three to five years, and this is not surprising considering the overwhelming 88% majority or firms that expressed concerns over the potential threat of losing revenue to fintech innovators.
Financial services organisations reportedly expected to see widespread adoption of blockchain technologies in production processes by 2020 by a fairly wide majority of 77%. With an average expected ROI of 20% for innovation expected, the growing enthusiasm for fintech solutions is clearly evident. Given the leading role the critical role that financial services firms play in the day-to-day lives of consumers worldwide, this report offers a thought-provoking assessment of the evolving role of fintech, as well as a useful look at the ways in which the global finance industry is responding to its growth, not to mention the increasingly competitive threat it poses.
The new Global Fintech Report is divided into three key sections, which are briefly named and outlined below. In the conclusion of the report, PwC highlights the importance of aligning objectives and innovation.
Part one • Fintech and financial services are coming together
Part two • Emerging technologies are enabling convergence
Part three • Managing expectations will be key
To read the complete PwC Global Fintech Report 2017 – Redrawing the lines: Fintech’s growing influence on Financial Services, click here.