Financial technology may take away 24% of large financial institutions revenue
A new research report, in the next three to five years, the global large financial institutions may have 24% of revenue by financial technology companies away.
The report found that 88% of the more than 1,300 financial executives surveyed by PricewaterhouseCoopers said that concerns about payments, transfers, personal finance and other businesses could be taken away by independent financial technology companies.
According to the Global FinTech Report released by PricewaterhouseCoopers on Wednesday, consumers' services such as personal loans are considered to be the biggest threat in the financial industry.
The report shows that financial institutions are expected to increase their cooperation with financial technology companies in response to such threats. 82% of respondents said that the next three to five years will increase cooperation with financial technology companies.
While cooperation has increased, entrepreneurs and executives often refer to factors that are hampering more effective cooperation. PricewaterhouseCoopers reports that respondents pointed out that IT security, regulatory uncertainty, and management and cultural differences are major challenges that hinder cooperation.
The report found that 88% of the more than 1,300 financial executives surveyed by PricewaterhouseCoopers said that concerns about payments, transfers, personal finance and other businesses could be taken away by independent financial technology companies.
According to the Global FinTech Report released by PricewaterhouseCoopers on Wednesday, consumers' services such as personal loans are considered to be the biggest threat in the financial industry.
The report shows that financial institutions are expected to increase their cooperation with financial technology companies in response to such threats. 82% of respondents said that the next three to five years will increase cooperation with financial technology companies.
While cooperation has increased, entrepreneurs and executives often refer to factors that are hampering more effective cooperation. PricewaterhouseCoopers reports that respondents pointed out that IT security, regulatory uncertainty, and management and cultural differences are major challenges that hinder cooperation.