From fintechs to banking as a service: global trends banks cannot ignore

In 2009, in the aftermath of the financial crisis, the late Paul Volcker, former chairman of the U.S. Federal Reserve, quipped that “the only useful innovation in banking for the past 20 years” had been the ATM. He went on to call for banks to think more boldly.

If not banks themselves, soon bold fintech and techfin thinkers appeared, unleashing one of the greatest transformations since… well, the ATM! The decentralisation and quasi-democratisation of financial services, largely at the hands of legions of grassroots players, have forever changed the way money is exchanged. Digital technologies made all of this possible, of course, in the same way as they have disrupted many other industries. But there is more to this story.

This transformation has not just increased efficiency or improved customer experience. It has rewritten the rules of value creation in banking, by relentlessly innovating business models. The transformative tension on banks has just started but some clear business models trends are already shaping the global fintech scene. Let’s review them and see how incumbent banks can respond.

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