Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Finance

LESS THAN HALF OF GLOBAL FINANCIAL SERVICES FIRMS HAVE A FINTECH STRATEGY

LESS THAN HALF OF GLOBAL FINANCIAL SERVICES FIRMS HAVE A FINTECH STRATEGY

In a new global report from KPMG, 57 percent of financial institutions say fintech is the greatest source of disruption yet only 46 percent have a fintech strategy in place*.

As emerging technologies disrupt traditional financial services, many institutions are lacking effective strategies, according to a new report from KPMG, Forging the future.

The report finds that only 46 percent of financial services institutions have a clear fintech strategy in place and worryingly less than half of those believe their strategy is well aligned with the challenges posed by fintech. Forty two percent of firms have a strategy under development and 10 percent have no fintech strategy at all.

“We’re seeing many financial institutions continue to struggle to build and execute a comprehensive strategy around fintech, explains Murray Raisbeck, Global Co-Leader of Fintech, KPMG International. “ In many cases, fintech innovation is left to individual functional areas, without any kind of overarching strategy across the organisation.”

Partnering is driving fintech activity with 81 percent of firms planning to build partnerships in the next 12 months. Over 70 percent of respondents ranked ‘enhancing customer service’ as a top objective for their fintech strategy.

Jon Holt, Head of Financial Services, KPMG UK, adds: “As customers our definition of convenient has shifted: we expect things in an instant and to be at the tips of our fingers 24/7. Financial services firms are no longer just competing with one another, they have to deliver the type of positive customer experience delivered by other sectors such as retail and this is a major challenge for a sector which has grown-up with infrequent and often indirect customer interaction. For me, one of the most interesting findings in today’s report is that 78 percent of firms say their fintech strategy includes partnering with other large non-financial institutions.”

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post