New PwC Research Finds Tech and Financial Services Converging
4-6-2017
In its latest Global Fintech Report, PwC finds that established financial institutions have shifted from competing with fintech startups to partnering with them. PwC finds that 82% of incumbents it surveyed plan to increase collaboration with fintech companies over the next three to five years.
Fintech startups are looking to partner with large incumbents to increase their client base. Established finance companies, meanwhile are partnering with innovative startups so they can offer the latest fintech innovations to their customers.
PwC’s survey also found:
- 88% of incumbents are worried they’re are losing revenue to fintech startups;
- 77% plan to increase internal innovation;
- 30% are investing in artificial intelligence;
- 77% expect to adopt blockchain technology in some form or another by 2020.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
