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The World Economic Forum released their latest report on fintech. The report is titled "The Future of Financial Services: How disruptive innovations are reshaping the way financial services are structured, provisioned and consumed"The study, based on 15 months of interviews and workshops with executives from financial institutions and fintech start-ups, joins a flood of recent reports showing technology is eroding the bulwarks of the financial services industry just as it did in areas such as travel and entertainment a decade ago.
Rising investments in fintech start-ups globally are helping fuel the challenge to entrenched players, with $12.2 billion ploughed into the fintech sector last year, more than threefold the total of 2013, the report noted. Bankers who once thought financial regulation was a barrier to new entrants are seeing non-bank fintech rivals go after the most profitable areas of their business, while avoiding regulated markets, said Huw van Steenis, head of European bank research at Morgan Stanley, who contributed to the report. Meanwhile the plethora of lending platforms will likely make it harder for banks and credit scoring companies to get an accurate view of people's creditworthiness. While challenges to banking are more imminent, insurers may face bigger threats in the long-run as troves of online data usher in new types of ...
http://www.reuters.com/article/2015/06/30/fintech-competition-idUSL8N0ZG13P20150630
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