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Big banks beware – innovative technology challengers are coming to eat your lunch.
That was the key message emerging last week from FinTech City London, a series of events for financial services technology professionals organised by the CEO Agenda and Icon Corporate Finance.
Fintech, as financial services technology is modishly called, is enabling nimbler, hi-tech companies to re-engineer most financial activities, from payments processing to personal loan applications, and cut out the middleman.
It’s what Clayton Christensen, professor of business administration at Harvard Business School, calls “disruptive innovation”.
While the things we do with money – save, borrow, invest, spend – have not changed much over the centuries, the way we interact with financial institutions is “drastically changing”, said Alex Scandurra, director of innovation strategy and usiness development at Barclays.
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