Beyond Fintech

Eight forces that are shifting the competitive landscape

Dear colleagues,

In 2014, Deloitte Consulting LLP (Deloitte) partnered with the World Economic Forum (the Forum) to study disruptive innovation in nancial services. At that time, the industry faced a group of challengers that promised to change the way we structure, provision, and consume nancial services. The challengers formed an emerging sector known as ntechs.

This past year, we took a look at what had happened so far. Which innovations made the greatest impact? What do the e ects look like? And what does it all mean for the broader nancial system? Ten months, ten workshops, and over a hundred conversations later, we have some answers for you.

The rst one is this: Fintech companies have not established themselves as dominant industry players. They’ve struggled to create new infrastructure and have failed to win over the customers of incumbent rms.

But to stop there is to understate the transformative e ects ntechs have had on the industry.

In just a few short years, ntech companies have de ned the direction, shape, and pace of change across almost every nancial services subsector. Customers now expect seamless digital onboarding, rapid loan approvals, and free person-to-person payments—all innovations that ntechs made popular. And while they may not dominate the industry today, ntechs have succeeded as both standalone businesses and vital links in the nancial services value chain.

In other words, while ntechs have yet to disrupt the competitive landscape, they’ve laid the foundation for future disruption.

Fintechs represent a great opportunity for smart incumbents. They provide a chance to see which new o erings show promise. The ntech ecosystem is also a veritable supermarket of capabilities, allowing incumbents to rapidly deploy new o erings via acquisitions and partnerships.

But accelerating change is a serious threat. It means that an incumbent’s success is predicated on business model agility and the ability to rapidly deploy partnerships. Neither of these is a mainstay of established nancial institutions. What’s more, upstart rms can shop the ntech landscape too—and they face signi cantly lower barriers to entry.

Based on these insights, we’ve identi ed eight forces that have the potential to shift the competitive landscape of nancial services:


  • Cost commoditization

  • Pro t redistribution

  • Experience ownership

  • Platforms rising

  • Data monetization

  • Bionic workforce

  • Systemically important techs

  • Financial regionalization


In the pages that follow, we describe each of these forces and break down the implications for incumbents, ntechs, and regulators. We also o er supporting examples from across seven nancial services sectors: payments, insurance, digital banking, lending, investment management, equity crowdfunding, and market infrastructure.

This document summarizes the World Economic Forum report, Beyond ntech: A pragmatic assessment of disruptive potential in nancial services. If you’ve been following this initiative of the Forum, welcome back. If you’re just joining us, consider downloading the other reports in the series:

The future of nancial services: How disruptive innovations are reshaping the way nancial services are structured, provisioned and consumed (2015)

The future of nancial infrastructure: An ambitious look at how blockchain can reshape nancial services (2016 Disruptive innovation in nancial services: A blueprint for digital identity (2016)

Together, the reports represent more than three years of research into ways that ntechs can a ect the nancial services ecosystem. We hope they help to guide your own journey into the future of nancial services.


Bob Contri
Global Leader, Financial Services Deloitte Touche Tohmatsu Limited

Rob Galaski
Deloitte Leader for the Forum Future o

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