Banks all over the world are working on adjusting to the new age of DIGITAL. But digital is complex. It is complex because it is driven by a new segment of clients – the Millennials; it is dominated by a new group of competitors – 15 000 FinTech startups globally. It requires a new approach towards innovation.
Financial Technology (FINTECH) is an amazing phenomenon:
From Biometrics to Blockchain; from Digital Identity to Cryptocurrencies; from APIs to P2P Lending; from Crowdfunding to Social Media Credit Scoring; from AI to AR; from VR to IoT; from Big Data to Mobile Wallets; from Wearables to Neo Bank; from RegTech to RiskTech; from Roboadvisors to PFM and more. EVERYTHING IS HERE, all coming to traditional, incumbent players. It is all unfolding in front of us. GAFA (Google Apple Facebook Amazon) and BAT (BaiDu Alibaba Tencent) are now fighting tens of thousands of FinTech startups, hundreds of Neo Banks and the incumbent players... are mostly just watching this "show". It is dramatic, it is loud, it is important, it is disruptive and it is HAPPENING NOW.