FinTech

FinTech is a dynamic segment of the Financial Services sector where technology focused startups and new market entrants  innovate on the products and services traditionally provided by the financial services industry. Examples include peer-to-peer payment technology and clearing and settlements solutions such as Blockchain, which result in better, more customer-focused solutions at lower costs.

Financial institutions, like all other customer centric businesses, must respond faster to innovation. In a recent PwC survey of the banking industry, 29% of respondents cited “research, development, and innovation” as one of their top three investment priorities. Many institutions have implemented initiatives or even launched dedicated labs to drive innovation. In our experience, however, such efforts alone may fail to deliver significant business results.

PwC helps banks, insurance and other financial services firms understand, assess and act on these changing industry dynamics.  We work with clients to analyze the impacts to their value chain, shifting customer behaviors, evolving distribution channels, changing regulatory environment, new products and services, and the overall competitive landscape and we help clients integrate these innovations into their businesses.

PWC works with both established players and FinTech startups by offering the following:

  • DeNovo Platform - Understand the evolving ecosystem of FinTech innovators
  • Blockchain – Learn about how you can leverage the blockchain for your business
  • Innovation Workshops - Translate broad understanding of FinTech trends into strategic actions

Video: State of the FinTech market

PwC Partner and FinTech co-founder Haskell Garfinkel speaks about trends, innovations, and outlook for FinTech.

 

Related reading

 

DeNovo Q3 Quarterly FinTech Report
November 2016
Banks head for the cloud for reasons other than expected.

DeNovo Q2 Quarterly FinTech Report
July 2016
Meeting the needs of the un(der)banked is FinTech’s largest opportunity, especially in payments, banking and insurance.

Q&A: What might blockchain mean for the mortgage industry?
June 2016
How might blockchain change the mortgage industry, and what can financial institutions do to understand it and adapt?

Q&A: What is FinTech?
Apr 2016
How is financial technology (FinTech) disrupting the financial services market for legacy financial institutions?

Blurred lines: How FinTech is shaping Financial Services
March 2016
This report assesses the rise of new technologies in the FS sector,
the potential impact of FinTech on market players and their
attitudes to the latest technological developments. Additionally,
it offers strategic responses to this ever-changing environment.

 

A strategist's guide to blockchain
Jan 2016
The distributed ledger technology that started with bitcoin is rapidly becoming a crowdsourced system for all types of verification. Could it replace notary publics, manual vote recounts, and the way banks manage transactions?

Q&A: What’s next for blockchain in 2016?
Jan 2016
Blockchain may result in a radically different future for financial services. We see three trends to focus on in 2016.

Q&A: What is blockchain?
Jan 2016
How can blockchain improve the business processes that occur between companies, radically altering the “cost of trust"?