Traditional finance firms worried by rise of FinTech
By Tom WrightTraditional financial services firms are concerned about losing business to the FinTech sector, according to professional services giant PwC
Section: Fintech
A PwC report found that 67% of financial services companies see pressure on margins as the top threat from FinTech firms, with 59% concerned about a loss of market share.
Elsewhere, bankers estimate they are likely to lose 24% of their market share in fund transfer and payments.
Steve Davies, Europe, the Middle East and Africa FinTech leader at PwC, said: “Given how fast technology is changing and lines are blurring, no business can afford to rest on its laurels.
“As competition hots up, the result will be a reduction in margins and a loss of market share for traditional financial institutions.
“Those who do not act now are at risk of falling behind as FinTech changes the industry from the outside.”
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