Are banks becoming a thing of the past? Mobile wallets and FinTech (financial technology) are some of the many disruptions for the financial services sector. Digital disruption in numerous ways, like adoption of machine learning, artificial intelligence (AI), blockchain, and big data is changing the way banks, insurance and asset management companies work.
“Technology is driving the financial services revolution, and while the challenges are substantial the rewards will be huge,” said Jean-Noël Georges, Global Program Director, Digital Transformation Practice (ICT), Frost & Sullivan.
And the future of banking is being forged now. Frost & Sullivan is hosting its Growth Innovation Leadership (GIL) Council – a Leadership Breakfast Session on Financial Technology (FinTech) and the Future of Financial Services at Frost & Sullivan Chennai on March 3. to provide an orientation on current trends in FinTech, the changing financial services sector, new business models, and growth opportunities for the ITES and the Banking, Financial Services and Insurance (BFSI) industries.
“The FinTech sector grew six-fold over 2013-2015 to reach an estimated €18 billion, and global non-cash transactions are expected to reach €630.6 billion by 2020. As advanced technologies alter the financial services ecosystem, tech-savvy consumers will seek out players that support accessibility, affordability, and availability.”