Friday, 19 May 2017| By: Kostas Kotsiopoulos, Global Sales Director at Profile Software
Undoubtedly the Financial Services Industry is significantly affected by the FinTech evolution. Alternative finance firms, digital and challenger banks, P2P Lending platforms as well as traditional banks adopt new technologies in order to better serve their clients.
In a number of research material, published over the past year, it has become obvious the need of collaboration between established financial institutions and FinTech companies or providers so as to deploy modern operational practices to support the demand for more agile and faster moving banking transactions.
PwC’s 2016 Global Fintech Survey indicated that “Collaboration with FinTechs is crucial and will be the only way for the traditional firms to deliver technological solutions at the speed expected by the market.”
In their 2017 research they expect that FinTech will continue to expand in many areas. In the IDC research, as analysed by Business Insider, it is clear that banks are starting to experience or anticipate the threat, should they not adjust their operations to the new era.For example, they state that six out of ten banks (worldwide) would partner with a FinTech. Within Europe, the UK, Ireland, and Italy are most willing to collaborate with FinTechs.