Fintechs and techfins are challenging traditional banks and the evolving ecosystem is bound to be disruptive:
The trends that are shaping the ‘bank of the future’ can be summed up as moving from offline to online, creating an increasing trust by customers on digital first platforms and ability to personalize and customize. Apart from traditional banks, there are 2 other distinct digital finance platforms today that compete for a major share of the bank of the future, the one going by the name fintechs and the other by techfins. The former tries to deliver financial services through a better experience using digital technologies and compete with the established banks, while the latter are hardcore technology enterprises that have entered the banking domain to offer products as part of their core offerings. Alibaba, Tencent, Google, Amazon and Facebook among others fall into this latter variety.
TECHFIN ADVANTAGE
Alibaba’s founder Jack Ma has these words: “Fintech takes the original financial system and improves its technology. Techfin is to rebuild the system with technology. What we want to do is to solve the problem of a lack of inclusiveness.”
This story is from the June 2019 edition of Banking Frontiers.
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This story is from the June 2019 edition of Banking Frontiers.
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2024 - The AI revolution in FS has begun
I was one of the founders of Accenture's Applied Intel practice and led AI for Financial Services for years. I also ran FS Digital at Accenture and Customer Sales & Service (CRM, call centres, front-offices, etc.) at Accenture Song. My practice totalled $7bn or 10% of Accenture's revenue. I have a PhD in Information Theory and was privileged to get classes from Marvin Minsky, founder of MIT's AI lab as my alma mater in Brussels was the first to have an AI lab in Europe, a satellite of MIT.
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