The majority of global financial services companies plan to increase FinTech partnerships as 88% express concern they will lose revenue to innovators, according to a new PwC global report, Redrawing the lines: FinTech’s growing influence on Financial Services.
A large majority of global banks, insurers and investment managers intend to increase their partnerships with FinTech companies over the next 3 - 5 years and expect an average return on investment of 20% on their innovation projects.
Given the leading role that financial services play in the Channel Islands, this report is thought-provoking in its assessment of the role of FinTech and how the global finance industry is responding to its growth and the competitive threat it poses. The Channel Islands has also invested in the digital sector and considering the strength and depth of the finance industry offering, it is highly likely that we will witness increasing partnerships between finance and tech companies, with the opportunity for further innovation, a quality that firms in both jurisdictions have demonstrated time and again. Download full report to read more.
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