In the early days of fintech, a significant amount of development came from third-party non-financial companies. This sudden disruption left many industry insiders uncertain and worried about the future of the traditional financial industry. Several predicted that fintechs would completely upend the financial sector as we knew it and force existing banks to become industry utilities, or even be rendered obsolete.
Today’s scenario is far from the ‘win-lose’ scenario that many predicted. Instead, the industry has moved towards a symbiotic relationship where new ‘win-win’ business models dominate. Increasingly, teamwork and cooperation are the new normal, rather than competition and disruption.
In this unique report from Kapronasia, in collaboration with Ant Financial, we look at the way the industry is changing, but not in the way many thought.