Two Wall St Firms May Be Winning the Fintech Race
Research from an Autonomous Research survey has shown that JP Morgan Chase and Goldman Sachs, two of the largest Wall St firms, may be winning the fintech race.
The financial technology sector has exploded over the last two years. Analysts at traditional banking and investment institutions have called them disruptors because of the new and innovative financial services being offered by fintech companies.
Wall St firms smartened up and began engaging these firms in partnerships, and JP Morgan and Goldman appear to be ahead of the competition.
According to the research, both JP Morgan Chase and Goldman Sachs have adopted and adapted with new financial technologies better than other firms.
Goldman Sachs announced last year that it would release its propriety investment software to clients in order to provide more independence and technology driven investments. The survey of executives said the two firms picked the most fintech “winners” among financial institutions, while MasterCard and Visa were also mentioned.
The report notes that most banks have plans to launch their own fintech branches and operations in 2016.
The report also mentions that 2016 may be the key year to deciding the fintech winners for years to come. Other reports have supported this claim, noting the increasing value of investment intentions and interest in fintech startups. According to the survey, 2016 will be the year of blockchain research and adoption, which the report argues to be the most important technology in the sector.