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FinTech: Reinventing traditional banking

Efma has published a new Efma Digest to highlight how FinTech is rapidly impacting on the range of services provided by retail banks, disrupting the traditional business model and introducing new customer challenges.

Packed with insight from experts and case studies from pioneering banks, the Fintech: reinventing bankingExpected impact of start-ups report outlines different types of FinTech and how their ability to create new digital services and customer experiences more quickly than traditional banks is disrupting the industry.

The report also showcases the various ways banks are approaching the FinTech challenge. Some, such as Santander, National Bank of Australia and Citigroup, are providing venture funding and seed investments for FinTech. Others areExpected future involvement with start-ups partnering with an external accelerator/incubator, and some, like Sberbank, are creating internal incubator programmes. A few, including BBVA, have fully acquired fintech start-ups.

“We’re yet to see which type of approach will prove the most fruitful, but industry experts are unanimous in their belief that those banks which bury their heads in the sand and fail to acknowledge the impact that FinTech is putting their entire business at risk,” said Vincent Bastid, Efma CEO.

Meanwhile, CEO Heather Cox discusses Citi FinTech’s uni-channel approach to banking, and Andres Wolberg-Stok, Citi’s global head of emerging platforms and services, advocates fintegration, where banks learn to integrate the best FinTech offerings into their own services.

“Our Efma Digest brings together a wide range of insight, opinions and case studies to illustrate the full depth and breadth of the fintech challenge today,” said Bastid. “We question which types of FinTechs are posing the biggest threats and we find out how pioneering banks are leading the way with effective solutions.”

Download the report HERE

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