Fintech companies are the new and nimble startups catering to small and specialized segments in the Finance and Banking space. With employee ages averaging around 24, these companies have usurped specialized banking functions. And that is causing havoc to the banking behemoths.
Citi, ANZ, Stanchart, DBS and Chase have realized the disruptive power of these startups and are working overtime to either partner with these fintechs or absorb them into their overall IT infrastructure.
While 700 sqft room based startups challenge 100 year old banks and question their very revenue model, we are in the most exciting of times in the banking space. IBMs’ mainframe based core banking applications are being spruced up to rise up to the challenge.
Banking industry is set for a revolutionary change. It is either innovate or perish. Exciting, challenging and uncertain times ahead for bankers.
Stay tuned for more on these.