Research from PWC Shows Future of Fintech
PWC, a leading global professional services network, has released substantial research showing the coming rise of financial technology.
The research, collected through thousands of dealings with banking and technology firms, believes that fintech will essentially be a complete industry in and of itself in just a few years.
Like many other fintech research reports, the information from PWC paints the fintech industry as a disruptor to traditional banking institutions.
The research indicates that traditional banking institutions will lose close to 28 percent of their payment and transfer businesses.
Additionally, banking institutions believe they will lose a similar amount of customers to online banks in just a few short years.
Even wealth management isn’t immune to the fintech boom, with close to 22 percent of all wealth management clients expected to leave for a fintech company in the next few years.
The research from PWC believes that fintech will eventually constitute close to 25 percent of the entire global financial market and be an industry of its own.
But the research wasn’t all positive. PWC believes that fintech firms will face some regulatory hurdles in the future, in particular regulations over international business and transactions.
The report notes that the US and the UK are leading the fintech battle, but that the UK is far ahead of the US in terms of adaptive and beneficial regulations.
This will create some conflicts in the future, as the regulations of nations across the globe may not align with one another.