Banking

Since 2015, an estimated 4,000 fintech (“finance” + “technology”) firms have come into the marketplace, garnering more than $25 billion in capital. While that number is only a fraction of the value of the traditional banking industry, these companies are disrupting traditional financial businesses as they gained their share of customers. The influence of this market disruptor is undisputed. App based financial providers like Square, PayPal, Apple Pay, and Venmo came on the scene and quickly revolutionized how consumers exchange money.

John F. Kennedy once said, “Change is the law of life. And those who look only to the past or present are certain to miss the future.” Over the past couple months, we’ve taken an in-depth look at why it is important for banks to anticipate the future by making use of hard trends like technology advances, demographic change and globalization.