Technology is transforming the traditional workflows and processes of the financial services industry. This concept was the topic of a recent study by BI Intelligence on the fintech ecosystem, which offered five predictions for 2016.
As we mentioned in a previous article, mobile payments across the world are calling for more and more global payment solutions, such as mobile banking in Africa or e-commerce in Eastern Europe. These solutions must be adapted not only to new consumer habits but also to varying types of economies.
As the study indicates, the situation is twofold: first, numerous opportunities are implied for startups in the fintech industry, a market that is globalizing by the minute; and second, there is an increasingly urgent need for major financial players to come into the twenty-first century and avoid becoming obsolete.
Taking it a step further, many companies are looking to the fintech industry not only to avoid customer attrition (and therefore a drop in sales), but to multiply their numbers by improving mobile strategies. New payment solutions are not seen as a necessary evil resulting from technological advancement, but rather as a whole new world of opportunities.
Based on this analysis, the general trend is obvious: this competition is won through unity, not conflict. Whether through the consumer—by enhancing customer loyalty and the user experience—or through agreements with large and small players in the fintech industry, we are moving towards an increasingly globalized win-win model for all.