FinTech is gathering pace, with close to a whopping $40 billion in global investment to date - yet keeping up with the changing landscape can prove tough. To keep you ‘in the know’ we’ve produced a handy resource that provides a topline overview of the sector, key industry developments, a selection of must read articles, and tips on how to get involved!
FinTech in Numbers
“The number of fintech startups is difficult to pinpoint,
but data sources and industry watchers estimate that
Asia has approximately 2,500 fintech startups while
the U.K. and the U.S. have a combined total of 4,000”
- Falguni Desai, Forbes Asia
“Based on assumptions and studies, the figures this
year look like they’re heading near $30bn invested in
fintech” – Chris Skinner, BankNXT
Last year Anthony Jenkins (Former CEO of Barclays)
shared a stark vision for the banking world, predicting
that over the next 10 years new technology, and a new
wave of fintech startups, will disrupt the sector to such
an extent that branches and headcount could decline
by as much as 50%.
Banking is necessary, banks are not.” – Bill Gates
Unbundling of a European Bank
Industry Players & Stakeholders
Example disruption models
FinTech to Date
• Strengths include better use of data and frictionless customer
experience Impact mainly limited to e-wallets and P2P lending
Current Conditions for Change
• Policy shifts towards Open Data & APIs
• Enhanced technologies (Cloud Computing)
• Changing Customer Dynamics
• Cost pressure for banks
Areas to Watch:
• Applications for Internet of Things
• Smart Data
• Distributed Ledger
• Frictionless process and products
Past, present and future
The Traditional Universal Banking Model
“Breaking Banks” – The Great Unbundling
Enter the ‘real’ challengers?
Non-traditional competitors are emerging and
they are bypassing traditional banking systems
Five key trends fuelling FinTech in Asia:
Examining the Top 4 FinTech Predictions for
this Year an Beyond
Global Regulators Now Eyeing FinTech
The Never-Ending Story: Europe’s Banks Face
a Frightening Future
Socialize and Mentor!
SOCIALIZE: Join FinTech and related Tech innovation
social mixers. Search for “FinTech”, “Innovation”, etc in:
• Startupfintech Bootcamp
• FinTech SuperCharger
• Founder Institute
Points to Remember
• DISRUPTOR OR ENABLER? FinTech innovations
are typically a ‘disruptor’ or an ‘enabler’ to your business.
Enablers may be platforms, processes or new products
which can help you grow revenue or reduce cost.
Disruptors may emerge as direct competitors.
• CULTURE IS JOB ONE.
Encourage your team to keep an eye
on new developments and find ways
to test new innovations.
• GET INVOLVED. The FinTech industry wants to work
with you. Participate in Industry forums, accelerators,
mentorships, etc. You’ll be able to emerge as a thought
leader in your country and stay in front of the trends.