.jpg){kind=avatar}
Fintech startups are preparing to move into the middle and back office, a multibillion dollar opportunity to help reboot financial services. The paper for Fintech 2.0, created by Santander InnoVentures in collaboration with Oliver Wyman and Anthemis, highlights some of the opportunities and challenges that lie ahead for both banks and fintechs.
However, the authors claim, we are now preparing to enter 'Fintech 2.0', as open data and APIs, cloud computing and intense cost pressures combine to push fintech firms deeper into the heart of banking, fundamentally changing the infrastructure and processes at the core of the industry. Among the areas investigated are the applications for the Internet of Things, how to be smarter with data, and creating frictionless processes and products. Examples highlighted include the streamlining of processes surrounding the creation of $25 trillion of new mortgages issued annually across the globe, and addressing the estimated $4 billion lost through inefficiency in global collateral management within the asset leasing sector.
http://www.finextra.com/news/fullstory.aspx?newsitemid=27466
