Redrawing the lines: FinTech’s growing influence on Financial Services

PwC's Global FinTech Report 2017

The pace of change in Financial Services seems only to be increasing – as does the urge for the industry to react. The forces shaping this change have led us to reconsider the role of finance, more as an “enabler” than a provider of financial products and services. Mobile money services have proven to be an effective gateway for financial inclusion among the unbanked, a demographic that could evolve into a US$3 trillion payments volume opportunity.1 Tomorrow, your bankers or wealth manager will coach you throughout your day to take appropriate financial decisions based on a combination of Artificial Intelligence and transaction and contextual data. Frustration and cost will decrease as new business models and emerging technologies are being adopted to streamline onboarding processes, operations and client communication. The influence that FinTech is having on the market is growing and the long-term potential is even greater.

Mainstream Financial Institutions are rapidly embracing the disruptive nature of FinTech and forging partnerships in efforts to sharpen operational efficiency and respond to customer demands for more innovative services. In fact, funding is moving from a venture capitalist dominated field towards more mainstream investments. According to research based on data from PwC’s DeNovo platform, funding of FinTech startups has increased at a compound annual growth rate (CAGR) of 41% over the last four years, with over US$40 billion in cumulative investment.2 Cutting-edge FinTech companies and financial innovation are changing the competitive landscape, and are redrawing the lines of the Financial Services industry.

This report assesses the continued rise of new business models and emerging technologies in the Financial Services sector. Our analysis is based on a global survey of 1,308 financial services and FinTech executives and includes insights and proprietary data from PwC’s DeNovo platform.

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