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It’s now or never.The financial services industry has been dealing with the impact of open banking since we published the inaugural World FinTech Report in 2017. Fast forward to the World FinTech Report 2020 and the imminent Open X, a multi-sectoral open platform era maximizing the eXperience, and the harsh reality is that FinTechs have moved “from disruption to reality,” and banks that haven’t embraced effective collaboration with startups are struggling to retain and acquire new customers.
Shaped by hyper-personalized service and mobile-only experience offered by unstoppable and ever-powerful BigTechs and agile challenger banks, consumer expectations are changing in real time. To keep pace, incumbents must embrace Open X and become Inventive Banks, prepared to adopt specialized open ecosystem roles and complementary support from qualified FinTech partners.
No longer simply disruptors, FinTechs have matured to become respected, global players with robust acquisition rates and profitability potential. It is up to incumbents to decide whether to consider FinTechs formidable competitors or enabling allies.
