{"id":2663,"date":"2016-02-03T09:36:36","date_gmt":"2016-02-03T01:36:36","guid":{"rendered":"http:\/\/www.www.innovationiseverywhere.com\/?p=2663"},"modified":"2016-02-03T09:36:36","modified_gmt":"2016-02-03T01:36:36","slug":"what-impact-will-fintech-have-on-the-banking-industry-in-2016","status":"publish","type":"post","link":"https:\/\/innovationiseverywhere.com\/fr\/what-impact-will-fintech-have-on-the-banking-industry-in-2016\/","title":{"rendered":"What impact will Fintech have on the banking industry in 2016?\u2028"},"content":{"rendered":"<p>According to Accenture\u2019s recent report, investment in Fintech in APAC has<strong>\u00a0more than quadrupled in 2015 compared to 2014. <\/strong>Fintech startups have popped up in the financial landscape with an estimation of 5000 to 6000 of them around the world. <strong>Will they disrupt the banking industry, like Amazon disrupted the retail industry or Uber disrupted the transportation industry?<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-2664\" src=\"http:\/\/innovao.cluster030.hosting.ovh.net\/wp-content\/uploads\/2016\/02\/Screen-Shot-2016-02-03-at-9.22.49-AM-1-300x136.jpg\" alt=\"Fintech investment 2015\" width=\"300\" height=\"136\" \/><\/p>\n<p>That was the thematic of the roundtable moderated by Gerben Visser, Chairman of the <a href=\"http:\/\/singaporefintech.com\" target=\"_blank\" rel=\"noopener\">Singapore Fintech Consortium<\/a>, during the <strong>Future of Commerce meetup<\/strong> organized by <a href=\"http:\/\/www.terrapinn.com\" target=\"_blank\" rel=\"noopener\">Terrapin<\/a> as a pre-event before their handful of events around payments, financial inclusion, retail and e-commerce in Singapore in April.<\/p>\n<div id=\"attachment_2665\" style=\"width: 710px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-2665\" class=\"wp-image-2665 size-full\" src=\"http:\/\/innovao.cluster030.hosting.ovh.net\/wp-content\/uploads\/2016\/02\/Screen-Shot-2016-02-03-at-9.16.43-AM-1.jpg\" alt=\"Fintech cards &amp; payments\" width=\"700\" height=\"350\" \/><p id=\"caption-attachment-2665\" class=\"wp-caption-text\">The conference Cards &amp; Payments Asia, organised by Terrapin, took place on 19-22 April 2016 in Singapore.<\/p><\/div>\n<h1>Why are the banks not collaborating with Fintech startups?<\/h1>\n<p>Banks are scared to be disrupted, as <strong>they are aware of their inefficiencies, slow processes and high fixed costs which bite into every transaction<\/strong>. So what refrain them to embrace the digital transformation and\/or to collaborate with the startups? \u201c<em>We would like to collaborate with the banks but they are not very cooperative<\/em>\u201d explained a startup founder. Their rigidity is explained by the <strong>heavy regulations and strict security requirements<\/strong> which add a lot of complexity in the way they operate. Technology exposes them to a risk of being hacked.<\/p>\n<h1>Can\u00a0Fintech startups really penetrate the market?<\/h1>\n<p>As all other big players, banks are also overlooking the long term value and looking for immediate return on investment. They capitalize on the fact that, for the moment, <strong>most Fintech startups thrive to penetrate the market because people tend to stick to their old habits<\/strong>. The truth is that behaviors change slowly. Banks will most probably continue to dominate the market for a while tough. This is believed by 46% of the Fintech executives compared to 20% of the banks, according to a survey from the Economist Intelligence Unit. But is unavoidable that Fintech startups will transform the banking industry if they<strong>\u00a0offer value to the consumer, either by increasing their\u00a0access to money, improving their experience or decreasing their transaction fees<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-2669\" src=\"http:\/\/innovao.cluster030.hosting.ovh.net\/wp-content\/uploads\/2016\/02\/Screen-Shot-2016-02-03-at-9.20.14-AM-1-300x87.jpg\" alt=\"Fintech banks disruption\" width=\"300\" height=\"87\" \/> <img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-2668\" src=\"http:\/\/innovao.cluster030.hosting.ovh.net\/wp-content\/uploads\/2016\/02\/Screen-Shot-2016-02-03-at-9.19.52-AM-1-300x89.jpg\" alt=\"Fintech banks disruption\" width=\"300\" height=\"89\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2667 aligncenter\" src=\"http:\/\/innovao.cluster030.hosting.ovh.net\/wp-content\/uploads\/2016\/02\/Screen-Shot-2016-02-03-at-9.19.24-AM-1.jpg\" alt=\"Fintech banks disruption\" width=\"700\" height=\"350\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Accenture\u2019s recent report, investment in Fintech in APAC has\u00a0more than quadrupled in 2015 compared to 2014. Fintech startups have popped up in the financial landscape with an estimation of 5000 to 6000 of them around the world. Will they disrupt the banking industry, like Amazon disrupted the retail industry or Uber disrupted the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":2665,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[75,49,87],"tags":[],"class_list":["post-2663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporates","category-innovators-category","category-startups-innovators"],"_links":{"self":[{"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/posts\/2663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/comments?post=2663"}],"version-history":[{"count":0,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/posts\/2663\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/media?parent=2663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/categories?post=2663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/tags?post=2663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}