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Reorganising for the Age of Collaboration
Over the past two years an unprecedented $25bn has been pumped into the global fintech market and it looks like this is just the beginning. According to a recent Accenture report, Q1 2016 saw a 67 per cent year-on-year increase in global fintech investment. That’s a $5.3bn injection of funds over just three short months.
Such vast sums are creating an environment where start-ups can launch, fail, rethink and re-engage, all in a matter of months. For long-established financial institutions, most of which are used to a conservative and slow moving services market, this sort of behaviour isn’t just unusual, it’s borderline bizarre. For the new breed of start-ups, however, every stone is ripe for turning from the way customers consume financial services to the back-end systems that move money around the world.
Two years ago, the market had an adversarial feel. ‘Disruption’ was the industry watchword and the start-ups were on the offensive. How much business could be taken from the traditional banks and lenders? Could the new groundswell of start-ups signal the end of traditional banks entirely?