FINTECH : A NARRATIVE OF URGENCY
11 : FS - understanding the consumer
FINTECH
38 example – we ’ ve seen , and not just in banking , that when organisations are forced to do something , regardless of how complex , they will .”
FINTECH : A NARRATIVE OF URGENCY
The digital evolution of the sector has been rapid . Technology is advancing faster and being commoditised quicker than ever before , and incumbents face a market increasingly populated by innovative startups and fintechs . “ The context of the industry is just fundamentally different today ,” Brear says . “ Fintech has created a narrative of urgency ; it ’ s really on the march – you have players like Monzo , for example , that in three and half years have generated five million customers . To put that in perspective , First Direct took 30 years to get close to one and half million . So , the speed of change is just exponential , and that ’ s having a huge impact .”
According to Brear , one of the biggest challenges facing banks isn ’ t necessarily the technology itself or ‘ what your app looks like ’, but rather the economics of the back office functions tasked with building that
11 : FS - understanding the consumer
CLICK TO WATCH | 1:27
JUNE 2020