Over the next five years financial services are going to revolutionised, as the sector’s large incumbents seize the opportunity to embrace change | WIRED UK

Marcus Marritt

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Thursday 1 June 2017

Fintech might have started life as a buzzword, but now it’s a powerful reality. The ongoing digital revolution and the irresistible rise of technologies such as machine learning and cloud computing are on course to disrupt one of the world’s most complex sectors: banking and financial services.
 
Tech startups on shoestring budgets are increasingly carving a space for themselves in the financial-services industry, developing apps or online tools that provide new and engaging ways of saving or investing.
 
Although many recent fintech successes – such as Funding Circle and Transferwise – mainly focused on optimisation rather than wholesale transformation, this is the calm before the storm. Over the next five years financial services are going to be revolutionised, as the sector’s large incumbents seize the opportunity to embrace change.
 
“Typically, fintech organisations are very mission-driven – they have a single, pinpoint goal and do a great job solving one issue,” says Kelli Keough, ‎global head of digital wealth management at JPMorgan Chase. “The role for large financial institutions is to provide holistic experiences: people still come to large financial institutions asking them to solve multiple financial needs for them, they expect an integrated experience.”
 
“We think about financial integrated experiences using what we can from fintech companies, by incorporating the great technology they bring to the marketplace.”
 
Here, we explore four key areas of innovation that are powering today’s fintech insurgency – and explore how they will reshape our financial services of the future.

via www.wired.co.uk