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The Guardian initiated an online chat in which experts in financial technology addressed questions from readers. The summary covers how to make fintech more socially oriented, lessons from emerging markets, and the role of traditional banks
Will fintech render traditional banking redundant? Innovation in any sector creates winners and losers, and fintech will be no different, says Gerald Brady, Silicon Valley Bank. Some banks will thrive and others will find it hard to adapt. While fintech is undoubtedly disruptive, Van der Kleij warns against underestimating the capabilities of big banks. “They can afford to try many different innovations – either by acquiring fintech innovators, partnering with them to help give them scale to exciting products or services, or commissioning disruptive products that could cannibalise/replace their own businesses.” Rather than render traditional banking redundant, Gulamhuseinwala adds that the majority of fintechs are actually piggy backing existing infrastructure and complementing it.
