21 PwC Global FinTech Report 3.3 FinTech, a source of Figure 13: Top opportunities relate to the rise o FinTech Heading opportunities for bargain In your opinion, what are the opportunities related to the rise of FinTech within basement FS? your industry? FinTech also offers myriad possibilities for the FS industry. B2B FinTech is FinTech companies create real opportunities for incumbents to improve their traditional offerings. For example, white label slashing costs robo-advisors can improve the customer experience of an independent financial advisor by providing software that helps clients to better navigate the investment world. In the insurance industry, a telematics technology provider can help insurers to “We work with start-ups track risks and driving habits together with providing additional to deliver new innovative services such as pay-as-you-go solutions. solutions to our clients.” Partnerships with FinTech companies could increase the žead of Inno€ation at one of the efficiency of incumbent businesses. Indeed, a large majority of argest anˆs in France respondents (73%) rated cost reduction as the main opportunity related to the rise of FinTech. In this regard, incumbents could simplify and rationalise their core processes, services 73% 62% 57% 56% and products, and consequently reduce inefficiencies in their operations. ost reduction ifferentiation Impro€ed retention of Additiona re€enues But FinTech is not just about cutting costs. Incumbents customers partnering with FinTech companies could deliver a differentiated Source: ‚ƒ …oa FinTech Sur€ey 21† offering, improve customer retention and bring additional revenues. In this regard, 74% of fund transfer and payment institutions consider additional revenues to be an opportunity coming from FinTech. This is already true in the payments industry where FinTech generates additional revenues through faster and easier payments and digital wallet transactions.