Global investment in FinTech ventures tripled to $12.21 billion in 2014, clearly signifying that the digital revolution has arrived in the financial services sector. Digital disruption has the potential to shrink the role and relevance of today’s banks, and simultaneously help them create better, faster, cheaper services that make them even more essential part of everyday life for institutions and individuals. GIT FinTech Member Companies help Japanese Financial Sector institutions to cope up with this change and become industry champions.
Crowdfunding, peer-to-peer lenders, mobile payments, bitcoin, robo-advisers – there seems to be no end to the diversity, of these “FinTech” innovators. And traditional bankers and insurers have no escape but to confront those disruptive business models in order to survive in the market.
While some deny the hidden force behind these terms, referring to “digi-cash” of 1990s that had little impact impact on financial sector, others have begun to give it a serious thought.
According to a World Economic Forum report analysis, FinTech innovation has already started to influence the big financial service providers rethink their business models.