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As the World stands on the brink of a technological revolution that will fundamentally alter the way everyone lives, works and relates to each other, it will be possible to observe the complete disruption of many industries and their business models. In its scale, scope, and complexity, the transformation will be unlike anything humankind or business has ever experienced before.
The Fourth Industrial Revolutions is bringing significant changes in the ways people and companies relate. On the supply side, many industries are seeing the introduction of new technologies that create entirely new ways of serving existing needs and significantly disrupt existing industry value chains by improving the quality, speed, or price at which value is delivered. On the demand side are also occurring, as growing transparency, consumer engagement, and new patterns of consumer behavior (increasingly built upon access to mobile networks and data) force companies to adapt the way they design, market, and deliver products and services. A key trend is the development of technology-enabled platforms that combine both demand and supply to disrupt existing industry structures, such as those we see within the “sharing” or “on demand” economy. These technology platforms rendered easy to use by the smartphone, convene people, assets, and data, thus creating entirely new ways of consuming goods and services in the process. In addition, they lower the barriers for businesses and individuals to create wealth, altering the personal and professional environments of workers. These new platform businesses are rapidly multiplying into many new services, ranging from laundry to shopping, from chores to parking, from massages to travel, and the financial services industry is no more an exception.
The digital revolution is transforming the behavior of customers when they access financial products and services. It’s known that the sector has experienced a certain degree of change in recent years, but the constant penetration of technology-driven applications in nearly every segment of financial services is something new. At the intersection of finance and technology lies this amazing phenomenon, which has been accelerating the pace of change at a remarkable rate and is reshaping the industry’s status quo, called FinTech.
FinTech is a quite dynamic segment right at the intersection of the financial services and technology sectors where technology-focused startups and new market entrants innovate the products and services currently provided by the traditional and once untouchable financial services industry. FinTech is gaining significant momentum and causing disruption to the traditional value chain of financial institutions and to the economic scenario in many Countries and markets. Cutting-edge FinTech companies and new market activities are redrawing the competitive landscape, blurring the lines that once defined players in the financial services and banking industry
Besides having one of the most complexes ecosystems, where traditional banks are failing, FinTechs are succeeding. As clients are becoming used to the digital experience offered by companies such as Google, Amazon, Facebook, and Apple, they expect the same level of customer experience from their financial services providers. FinTech is riding the waves of disruption with solutions that can better address customer needs by offering enhanced accessibility, convenience, and tailored product
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