A force for good

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FinTech: A force for good

The financial crisis meant that financial businesses who were once regarded as trusted counsellors are now viewed with suspicion. The sector is burdened by costly regulation, introduced in the wake of the crisis, and expenses are rising elsewhere too as businesses ponder how to renew products and markets.

FinTech is transforming the world of financial services.  The industry has a massive opportunity to enable positive change in trade, health, employment, education and many other aspects of our lives. And it’s not just the societal impacts – FinTech is good for business too. Those that capitalise on this FinTech-fuelled momentum can bring true and lasting value to an industry that needs to rebuild trust. 

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#fintech - harnessing a force for good in financial services

The story so far...

Where traditional financial institutions have failed, FinTechs are succeeding.

Customers expect all of their financial services to be available online or on their mobile. They want personalised services that are easy to use. And increasingly, they look for value added services to help them manage their finances and to understand their spend. In many areas, FinTechs are meeting these untapped customer needs. Crowdfunding is extending finance to individuals and small businesses that were previously disenfranchised and health insurers are rewarding policyholders for living more healthily based on feedback from wearables. Moreover many FinTech technologies are based on enduring relationships with customers and it’s these relationships that offer the ongoing personal connection with customers that incumbents lost years ago.

Heading for bargain basement FS? FinTech is slashing costs.

What many FinTechs bring to the table is not a disruptive new application but enabling tools that could solve the financial industry’s most intractable problems. FinTech developments are helping financial services businesses to differentiate and improve customer experience, manage regulatory requirements, cut costs and improve the way the business operates in the back office. Most of all, FinTechs offer the opportunity for the financial services industry to reconnect with its customers. By providing new services that establish the sector as a powerful and consistent force for good in people’s lives, FinTechs can help to rebuild trust.

The free lunch is over: FS must leverage the FinTech ecosystem.

Not only is FinTech supporting the financial services industry and its customers, it is enabling good in society changing the way we live our lives. Start-ups are making an impact by accelerating financial inclusion; they are connecting millions of people in remote areas through their mobile phones, they are enabling money transfers globally to support families around the world who rely on income from elsewhere and are delivering micro insurance products to markets most in need. FinTech can provide people with access to financial advice who don’t currently have it, helping people manage their savings and investments leading to better outcomes for all.


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