In this episode of the Agents of Change podcast, EY’s Roger Park is joined by Matt Hatch, EY Americas Financial Services FinTech & Growth Markets Leader, for a discussion exploring how FinTech has disrupted the traditional financial services model and grown since the industry's beginnings, its evolution towards mass adoption, the future of FinTech and the promise of open banking, as well as the opportunities that FinTech offers around greater financial inclusion.
Duration 19m 20s
The term FinTech, or financial technologies, is a term that started in the mid-90s and evolved into a lot of the innovations around financial products for consumers in the early 2000s.
Over the last five to seven years, it has been explored throughout the rest of financial services, and a lot of other innovations in terms of insurance products, investing products, and the enabling technologies for financial institutions. So, Blockchain, Chatbots, Advanced Analytics, Machine Learning and AI are some of the capabilities that are coming out and helping financial institutions and FinTechs innovate and produce new products and services.
- The number one reason why customers are not using FinTech products is just awareness, followed by trust, according to the 2017 Global FinTech Adoption Index.
- It’s a great opportunity for companies, as they get their cost economics and their unit economics down, to service a product to those who don’t have access to financial systems.
In this seriesSeries overview