Nice report by Accenture. How the USD 12 Bn will shake up the market and how banks think about responding and what are biggest barriers...Culture and Talent/People....nothing new, but always good to hear it is still a barrier....as an investor in start-ups
The digital revolution has finally arrived to the financial services sector. At least according to consultancy Accenture, which on Thursday released a study revealing that global investment in fintech had tripled last year to reach $12 billion, from $4.05 in 2013. The consultant surveyed 25 senior banking executives involved in innovation and its fintech accelerator programme— through which start-ups are mentored by executives from some of the world’s leading banks, including Goldman Sachs, Morgan Stanley, JP Morgan. More than half said they believed their banks were only “minimally” or “somewhat” equipped to deal with the technological challenges associated with the wave of digital innovation. More notably the overwhelming majority said their banks are only “minimally” or “somewhat” ready to deal with the cultural shifts and changes in talent and skills needed to thrive in the digital age.