The three main areas to be disrupted by FinTech in China over the next five years are consumer banking, investment & wealth management, and fund transfers & payments. E-retailers, financial institutions and large technology companies will be the biggest sources of disruption.
FinTech business model needs to follow the basis of financial services in order to be closely related to the development of the real economy. As the economy evolves to a digital, smart and personalised business model and lifestyle, financial services needs to transform to a 3.0 model. This means they need to evolve from a product and channel-oriented model to a customer-centred one, with technologies as an important pillar.
FinTech offers opportunities to financial services in three areas:
Fintech brings challenges to the industry in three areas:
In response to these challenges, financial institutions and FinTech companies are coming together for the common good. Financial institutions are responding in three ways:
The survey highlights three innovative technologies that will impact the industry profoundly. Understanding their features and building capacity around them will enable financial institutions to stand out from the competition:
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