Fintech: Improved services through better functionality
There is growing demand from financial services customers for ease of access, more transparency and lower costs.
Our 2020 European Technology Index reveals:
Financial services businesses will need to improve the technology infrastructure driving processes and interactions
Though in some cases Fintech will provide an avenue for faster growth and competitive edge, businesses not applying technology to improve services will struggle and may find it hard to survive.
We still see a relatively slow uptake of significant technological implementation in business operations
Key challenges include understanding and quantifying risk, availability and access to the right skills, and dealing with business integration and change management issues.
In a regulated area of activity, top of this list is concern about regulatory implications, new technology adoption, significant technological upgrades and different approaches to business delivery.
There is drive for rapid service, transparency, flexibility and efficiency - while saving on costs
The areas perceived to have most potential across the Fintech ecosystem were digital banking, cybersecurity and blockchain, followed by payment services and investment management. Businesses that don’t adopt improved customer services will, ultimately, lose business.
Open banking is driving incumbent businesses to review and improve payment operations
The move to a digital and more open banking environment demands greater attention to cybersecurity, especially regarding digital identity and money-laundering checks for virtual asset services. This will likely drive system improvements, but also require enhanced data protection and cybersecurity measures.
For further information about our global fintech-focused team click here.