The financial services industry is in the nascent phase of digital transformation. The industry that gave rise to the use of electronic computing in business enters its next stage of technological evolution.
We call our industry briefing “FinTech Rising” to emphasize the growing global traction and innovation in financial technology, the acceleration of the transition from the initial electronic financial technology systems to their digital FinTech cousins.
For the 30 years I have been involved as a marketer and journalist in the financial industry, banks have remained secure in their position in payments, despite warnings to the contrary. Existing payments systems and reserve currencies may be safe from a future of bitcoins and RMBs for now.
Yet technologies that can lower costs and increase competition by making business connections more direct win in the long run.
The antagonism between tech companies and banks in the payments market is turning toward alliance. Digital giants and fintech startups supposedly poised to gobble up bank customers and the defensive banks commonly considered blind and slow are finally seeing the mutual benefit of collaboration. Although warnings for banks to go digital and mobile are still dire, and predictions that banks will have their lunch [...Continue Reading]