The report focuses on FinTech and Financial disruption.
Last week, FundApps were featured in another of the World Economic Forum’s reports, their most recent issue, entitled “Beyond Fintech: A Pragmatic Assessment Of Disruptive Potential In Financial Services” builds on the findings of 2015’s report, “The Future of Financial Services”, where FundApps was also featured.
Beyond Fintech explore the idea that FinTechs have materially changed the basis of competition in financial services, and looks at how “they play a critical role in defining the pace and direction of innovation across the sector”. It includes seven ‘sector deep dives’, looking at key areas including Payments, Lending, Digital Banking and Investment Management.
FundApps’ CEO, Andrew White, and Business Development Manager, Dave Polonsky, were both contributors to the report. On page 127, FundApps was highlighted as an example of the B2B externalisation brought by FinTech, where innovative companies are enabling financial firms to outsource back office processes (in this case, regulatory reporting).
Key findings include:
- Platforms Rising: Platforms that offer the ability to engage with different financial institutions from a single channel will become the dominant model for the delivery of financial services.
- Financial Regionalization: Differing regulatory priorities, technological capabilities, and customer needs are challenging the narrative of increasing financial globalization and making way for regional models of financial services suited to local conditions.
- Systemically Important Techs: Efforts by incumbent financial institutions to emulate the core capabilities of large technology firms will lead to an increasing reliance on those same large technology firms.
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