At MarketTech's 2015 conference in NY, the incumbents and startups explained how and why it can be difficult for a startup to disrupt or work with a bank. The banks also explained the steps they are taking to foster innovation at their respective institutions.
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Can Banks Ride the Surge of Fintech, Or Has the Wave Gotten Too High?
“There is actually a history of innovation in banking,” she said. “We just seem to have forgotten that in the midst of regulatory matters.” Plenty of startups are stepping up to remind them these days, including some from the Barclays Accelerator. Young companies often claim they can inject innovation back into the financial industry’s veins. As more new hardware and software becomes available, though, there also comes a need to sort out this morass of technology, said Larry Leibowitz, CEO of Incapture Technologies. “There’s lots of startups, each creating bespoke data of some variety,” he said. For enterprise-size financial institutions that work with many different tech vendors, that can became a headache. Regardless, some change may be inevitable as new fintech gains footholds and traction over...
