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Fintech’s long march to challenge traditional banks, may finally be paying off now. As per business intelligence received from Accenture, the trend is especially strong in the UK, where the government has been liberalizing the sector. Across Europe and the USA, a disproportionate percentage of newcomers are from the fintech setup. These companies have together cobbled up about a third of the revenues since the year 2005. In Canada too, nearly half the new revenue has been generated by newly minted fintech firms. The trends are similar worldwide in countries as far away form each other as China, Brazil and even in Australia. This trend is forcing banks also to do a rethink. They are increasingly investing more on digital technologies, to take advantage of the emergent ecosystem.

Source:https://www.forbes.com/sites/billybambrough/2018/10/17/global-fintech-warning-to-tradional-banks-the-threat-is-real-and-growing/#5b864c222c71

Uploaded Date:07 June 2019

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