2‹ PwC Global FinTech Report Conclusion Disruption of the FS industry is happening and FinTech is the For many traditional financial institutions, this approach will driver. It reshapes the way companies and consumers engage by require a fundamental shift in identity and purpose. The new altering how, when and where FS and products are provided. norm will involve turning away from a linear product push Success is driven by the ability to improve customer experience approach, to a customer-centric model in which FS providers are and meet changing customer needs. facilitators of a service that enables clients to acquire advice and interact with all relevant actors through multiple channels. Information on FinTech is somewhat dispersed and obscure, which can make synthesising the data challenging. It is therefore By focusing on incorporating new technologies into their own critical to filter the noise around FinTech and focus on the most architecture, traditional financial institutions can prepare FIs relevant trends, technologies and start-ups. To help industry themselves to play a central role in the new FS world in which players navigate the glut of material, we based our findings they will operate at the centre of customer activity and maintain on DeNovo insights and the views of survey participants, strong positions even as innovations alter the marketplace. highlighting key trends that will enhance customer experience, FIs should make the most of their position of trust with self-directed services, sophisticated data analytics and cyber customers, brand recognition, access to data and knowledge security. of the regulatory environment to compete. FS players might ONLINE MOBILE not recognise the financial industry in the future, but they PLATFORMS In response to this rapidly changing environment, incumbent will be in the centre of it. financial institutions have approached FinTech in various ways, START-UPS such as through joint partnerships or start-up programmes. But whatever strategy an organisation pursues, it cannot afford to ignore FinTech. EXPERTS The main impact of FinTech will be the surge of new FS business SOCIAL APIs models, which will create challenges for both regulators and MEDIA market players. FS firms should turn away from trying to R&D control all parts of their value chain and customer experience through traditional business models, and instead move toward PEERS the centre of the FinTech ecosystem by leveraging their trusted relationships with customers and their extensive access to REGULATORS client data.