According to PwC Global Fintech Report 2017, the Fintech industry in 2018 has every chance to preserve the reputation of a world innovator. The focus will be both advanced information technologies and new models of consumer experience management.
Companies specializing in asset management, until now virtually untouched by the fintech revolution, are now beginning to show interest in it: 61% of respondents believe that financial technologies offer great opportunities for their customers, and 30% have already established partnerships with fintech startups.
According to PwC forecasts, retail banks will be the most difficult to adapt to changes. More than 60% of the surveyed representatives of banks believe that fintech seriously threatens the consumer lending sector. To keep their customers, banks will have to work on improving the consumer experience - and in this they can again help alliances with promising startups, which have already been concluded by 54% of the surveyed representatives of retail banks.
On the second place in the list of the most exposed to the influence of financial technologies industries, according to the survey, was insurance. The modeling process for identifying and assessing risks is increasingly complicated and dictates to insurance companies the need for strategic partnerships. In the next 3 years, 84% of companies are going to enter into alliances with fi nite projects, compared to 45% in 2017, and only 28% in 2016.
About 76% of companies in the payment and money transfer industry acknowledge that finteh represents a serious threat to their business, but compared to 2016, these figures are lower - then 87% of payment companies expressed concerns about the development of the finteh. This allows analysts to conclude that such companies are beginning to see in financial technologies not a threat, but new opportunities. In this regard, companies significantly increase investment in data analysis methods, cybersecurity and blocking. By the way, 9 out of 10 companies are going to apply it in their activities already by 2020.
Automation will become synonymous with a lifestyle for consumers. Many of our financial actions are one-off: payment of an account, making an investment, transfer of funds.
In 2018 and for the next few years, we will witness an increasingly popular trend: automatic financial actions and solutions. From auto-complete financial documents and automatic savings to the best overdraft protection. We will see many new applications that will help people live a more automated financial life.
We assess these tendencies positively - the development of modern technologies and, in particular, the blockade forces the companies of the traditional financial sector to abandon obsolete business models and improve their services and services, making them more convenient and client-oriented.