The report launched by MagnaCarta Communications in collaboration with ACI Worldwide and The Paypers, looks at the critical next phase of the fintech revolution – helping institutions and founders understand how best to bridge the gap between legacy systems and new digital entrants and technology. A phase that will offer the first real glimpse of the ‘new banking’.
The research included a survey of more than 100 senior executives (VP and above) from leading banks, financial institutions and fintech firms and insights from BBVA, IBM, Santander, Barclays, Deutsche Börse, alongside startups and founders across Europe, Africa and the Middle East.
A short synopsis of the findings:
The report shows that the transition from an analogue to a digital banking model and from complete to shared ownership is well underway. Traditional players and fintechs have realised that neither tribe can win in isolation and that collaboration is the way forward for those who want to succeed in the new payments and banking world.
The fact that both industry groups are now keen to forge partnerships suggests that an acceleration of the current rapid pace of development of new financial technologies in 2017 and beyond is likely.
Challenges remain, notably in aligning the cultures of large organizations and start-ups; however, the report authors predict that an increase in the current phase of mass development will lead to the adoption of a revolutionary digital delivery platform for financial services within the next ten years.
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