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Fintech and Banks: How Can the Banking Industry Respond to the Threat of Disruption?

Submitted by Michelle Young at Toptal

Authored by Alex Graham, Finance Expert for Toptal

Edited by Lynn Patra

Executive Summary

Fintech 1.0 needs fintech 2.0 to arrive.
How have banks reacted to fintech?
There are four areas in which the financial industry can focus to improve their response to fintech.
What will the bank of the future be?

Banks Can Play the Fintech Game Too

Fintech, shortened from financial technology, is assumed to be a modern movement. Yet the use of technology to assist financial services is by no means a new phenomenon. Financial services is an industry that introduced credit cards in the 1950s, internet banking in the 1990s and, since the turn of the millennium, contactless payment technology. Yet, fintech’s place in the public conscience has really taken off in the past three years:

Chart 1: Google Trends "Interest over Time" Results for the Search String "Fintech"

The takeoff of this term has come from startups—actors not within the inner circle of financial services, taking a more prominent role within the ecosystem. Three core trends have led to this movement emerging: Read more of this post

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