{"id":2393,"date":"2016-06-15T07:28:55","date_gmt":"2016-06-15T07:28:55","guid":{"rendered":"https:\/\/habiletechnologies.com\/?p=2393"},"modified":"2022-07-22T10:55:45","modified_gmt":"2022-07-22T10:55:45","slug":"will-fintech-disrupts-banks","status":"publish","type":"post","link":"https:\/\/wiki.cloudbankin.com\/index.php\/2016\/06\/15\/2393\/will-fintech-disrupts-banks\/","title":{"rendered":"Will FinTech Disrupt The Big Banks?"},"content":{"rendered":"

[vc_row][vc_column width=”3\/4″][stm_post_details][vc_custom_heading text=”Welcome Onboard! The Fintech World Greets You!” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]Did you know?<\/strong>
\nMore than 20% of global financial service businesses are at a risk of losing it to Fintechs by the end of the decade!
\nDid you know?<\/strong>
\nConsumer banks and companies dealing with payments and fund transfers are at the highest battle of losing it to Fintech companies.
\nDid you know?<\/strong>
\nMore than 67% of banks and other financial services company fear the pressure on margins with the rise of Fintech companies.
\nSource: Informes<\/a><\/em>
\nSo what is this Fintech? It is just a technical buzzword that is creating ghosts of disruption for the banking and the financial sector?
\nTechnology has the last laugh!
\nWith more than 78% of global CEOs considering the integration of Fintech essential at the top levels of management, the trend is certainly more than a passing cloud.
\nTechnology in the past has given rise to several disruptive models of businesses that have slowly crept their way into the incumbent\u2019s territory in many sectors! The video rental business is one classic example that sang its swansong to the tunes of maturing video compression technology and the widespread use of broadband in homes!
\nIndustry experts and C-suite banking professionals who once believed that tech-driven companies cannot make their way into the highly regulated financial services sector are re-thinking otherwise- thanks to the formidable Fintech![\/vc_column_text][vc_custom_heading text=”Fintech \u2013 Disruption or Value Addition!?” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]Fintech is born from the marriage between the morphing consumer base and the industry\u2019s attitude to create newer and better services for consumers. And Fintech indeed keeps up with the congenital motives of its origin.
\nHowever, it cannot be completely stated that Fintech was born only to disrupt the traditional systems of banking and other financial services.<\/p>\n

Look at the case of usage-based insurance models (using behavioral patterns of drivers to determine premium rates) in regulating auto insurance. While battling the initial challenges of privacy hasn\u2019t been easy, more and more companies are using the technology meet specific consumer needs. Fintech in this case, adds value and does not disrupt!<\/p><\/blockquote>\n

[\/vc_column_text][vc_column_text]A report by PWC categorizes Fintech innovations into two types,<\/p>\n