Embrace Disruption in Financial Services Because It’s Here to Stay  

1 June 2019:

The dinosaurs of old are ready to be challenged by businesses that have evolved and are hungry – This article discusses how technology starts to influence and transform the financial services sector, considering the innovations in ATM during this new wave of tech disruption provided by prepared businesses to offer change.

 

Traditionally, the pace of innovation in financial services has been sluggish, glacial even, particularly when you consider how other industries have evolved over the years. Tuning your television into a VHS recorder using a dial will likely strike a chord with anyone over 30, yet it’s a distant memory compared to how we watch things today.

Until very recently that same level of innovation, combined with any sort of desire to change, had spectacularly failed to spill over into the financial services sector.

Yet, at long last, change is afoot. 2018 was a disruptive year in financial services with fledgeling Fintechs and challenger banks starting to make pulses race under the neatly ironed collars of large-scale financial enterprises.

This new momentum in innovation for financial services can be attributed to three key factors. Consumers expect more when it comes to their experience of financial services; Fintechs are prepared and able to offer change; and the infrastructure, both social and technical, behind traditional access to financial services is changing. We don’t need to go into banks anymore.

As recently published in PricewaterhouseCoopers’ 19th Annual Global CEO report, 81% of banking CEOs are concerned about the speed of technological change, more than any other industry sector. What a refreshing statistic. Through technology, new players in global financial services have found a backdoor into the market and come armed with some very specialist knowledge and creative ideas about how to meet the rising tide of 21st century consumer demands.

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Source: European Business Review

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