During the first week of August, Senior Executives from leading banks, insurers, and FinTechs joined Capgemini and LinkedIn for a series of Roundtables held in New York, San Francisco, and London.
What Is the Real Impact of FinTech on Financial Services?
Financial Services incumbents’ view of FinTech has evolved from “FinTech are irrelevant” to “FinTech are a threat” to “FinTech are our partners.” Maybe surprising to many, leaders on both sides of the Atlantic agreed change in the industry is accelerating and business models will need to evolve to keep pace. The tough challenge is balancing investments in incremental change to deliver immediate impact and investments in long-term fundamental business model shifts.
Executives Share Perspective and Debated Opinions
During course of the three roundtables, over 30 incumbent and FinTech executives discussed what moments matter most in customer’s journeys, different approaches leading firms are taking to drive innovation through existing and new business models and the impact FinTech is having today and will create in the future.
What Does the Future Hold for Financial Services?
While there was no clear consensus on how quickly the industry will begin to adapt to the changing dynamics, nearly every roundtable participant agreed priorities need to not only focus on addressing legacy technology challenges, but also on legacy culture which is often equally responsible for holding back progress.
Watch this space for future highlights…