The Fintech Ultimatum: Adapt or Die

11/03/2016

Many years from now, when people look back on the first two decades of the 21st century, the stories they will tell won’t be about the financial crisis or its aftermath. Instead, this period will be remembered for the role that technology-driven innovation played in transforming and disrupting the way we live and work. Companies that fail to move quickly and decisively to adopt new technologies risk being rendered obsolete by those that do.

No industry or business model today is immune to the influence of technology. That power stems from its ability to provide a more personalized user experience, commoditize existing services, usher in lower-cost competitors and create new products and services that shake up the marketplace. We’ve seen abundant retail examples; look no further than ride sharing and digital music and the entrenched incumbents they are challenging.

Now it’s the financial industry’s turn. As breakthroughs in digitization begin to spur reassessments of business models, the value chain for financial services — from the front office to the back — is ripe for disruption. Success will depend on how we approach innovation and integrate technology into our business models. In other words, the fintech revolution presents an ultimatum: Adapt or die.

More:
http://www.institutionalinvestor.com/blogarticle/3536193/blog/the-fintech-ultimatum-adapt-or-die.html

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