Blockchain & Financial market transformation: The challenges and opportunities of FinTech for the financial industry
Senior Consultant, IDATE DigiWorld
Banking has long represented a big market for IT and digital technologies. It is probably one of the sectors that has invested the most in information technologies over time, for retail banking activities, and more recently for risk control systems to ensure compliance with banking and finance regulations.
More recently, however, digital innovation in this sector has been overtaken by the explosion of FinTech. Hundreds of start-ups have demonstrated the potential to innovate and transform the banking and finance as we know it. In light of recent events, several areas of innovation have emerged from the development of FinTech, either in competition or partnership with veteran banking industry players.
Every corner of the financial sector is affected, from payment solutions, to credit and lending activities faced with crowdsourced alternatives, the use of blockchains and cryptocurrency-based solutions, to the emergence of high frequency trading, big data analysis solutions and AI roboadvisors.
These technologies are disrupting the finance ecosystem, and paving the way for new players, and new business models. They also open up opportunities for the industry to transform itself and become more efficient and profitable.
DELVE DEEPER WITH THE FOLLOWING IDATE DIGIWORLD MARKET REPORTS
Blockchain, Oct. 2016
Mobile Payment: The state of the industry, amid new stakes, Apr. 2016