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FinTech: New frontiers changing the face of financial services

FinTech
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Monday, October 17, 2016 12.08PM / KPMG

Buzzwords are all around us, describing the fluidity our current reality and how our future is approaching at a rate faster than we can picture. It’s enough to make us feel paranoid; that we’ll be redundant in our current jobs in the near future, and life, as we know it, will never be the same.

 

But on another level, technology has become such an integral part of our frenzied lives that it’s all about convenience. We are constantly looking for ways to save time and easily progress through our neverending to-do-lists with less stress. This is particularly relevant when it comes to financial transactions.

 

The traditional financial services approach has changed considerably and an ecosystem has developed which is focused on leveraging technology to deliver new and existing services to clients in more relevant and convenient ways. The resultant tools and solutions that have “spawned” from this ecosystem are financial technologies or Fintechs. Fintechs span over a range of sub-financial service industries – from Payments (SnapScan) to Remittances (Wizzit), Lending (RainFin), Data Analytics (Nervedata), Blockchain (BitX), B2B Solutions (Wigroup), Insurance (Decorum) and Security and ID (docfox) to name a few with examples.

 

But despite operating in diverse areas of the financial services industry, they have a common objective: to build and implement technology to make the financial services industry more efficient. The pillars of a fintech ecosystem are depicted on page 4 of the Fintech in India thought leadership.

 

However, resistance to change in a market dominated by a few players is prevalent and in my next blog, I will explore why Fintech has not been fully embraced by our traditional market. “Culture change” – another buzz word worth unpacking.

 

FINTECH in India – A global growth story, is a joint publication by KPMG in India and NASSCOM 10,000 Startups. You can download  a copy here.

 

For further details, kindly contact Joelene Pierce.Director KPMG South Africa E: joelene.pierce@kpmg.co.za

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