Blurred lines: How FinTech is shaping Financial Services

FinTech is a major disruptor in the financial services industry. Businesses are facing sweeping technological changes that will profoundly affect the way they do business.

PwC's Global FinTech report, Blurred lines: How FinTech is shaping Financial Services, assesses the rise of new technologies in the financial services (FS) sector and their impact on market players.

Featuring the responses of 544 CEOs, Heads of Innovation, CIOs and top management involved in digital and technological transformation across the FS industry in 46 countries the report highlights attitudes, trends, opportunities and threats associated with FinTech and mobile technology.

Key highlights from the report

  • 83% of traditional FS firms believes part of their business is at risk of being lost to standalone FinTech companies, reaching a staggering 95% in the case of banks;
  • Fund transfer & payments industry anticipate that in the next five years they could lose up to 28% of their market share to FinTech while bankers estimate they are likely to lose 24%;
  • Two-thirds (67%) of FS companies ranked pressure on profit margins as the top FinTech-related threat, followed by loss of market share (59%);
  • Blockchain, a distributed ledger technology, represents the next evolutionary jump in business process optimisation technology. 56% recognise the importance of Blockchain but 57% say they are unsure or unlikely to respond to this trend;
  • The most widespread form of collaboration with FinTech companies is joint partnership 32% which is indicative FS firms are not ready to go all in and invest fully in FinTech.

Blurred lines: How FinTech is shaping Financial Services

Download the report

Contact us

John Shipman

Partner, PwC Australia

Tel: +61 2 8266 0198

Julie Coates

Consulting Markets Lead, PwC Australia

Tel: +61 2 8266 2006

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