2€ PwC Global FinTech Report Figure 1„: Current an target usage o mobile applications Please indicate the percentage of clients currently Please indicate the target percentage of clients you using the app at least once a month. would like to use the app within the next 5 years. •1–1‰ •1–1‰ †1–•‰ †1–•‰ 41–†‰ 41–†‰ 21–4‰ 21–4‰ –2‰ –2‰ ‰ 1‰ 2‰ 3‰ 4‰ 5‰ ‰ 1‰ 2‰ 3‰ 4‰ Source: ‚ƒ …oa FinTech Sur€ey 21† 4.3 Towards a more collaborative quickly. Moreover, this is an effective way for both incumbents The free lunch approach and FinTech companies to identify challenges and opportunities is over: FS as well as to gain a deeper understanding of how they complement one another. must leverage Whether FS organisations adopt digital or mobile strategies, Given the speed of technology development, incumbents cannot the FinTech integrating FinTech is essential. According to our survey, the afford to ignore FinTech. Nevertheless, a significant minority most widespread form of collaboration with FinTech companies rather than a non-negligible share (25%) of survey respondents ecosystem is joint partnership (32%) (see Figure 18). Traditional FS do not liaise with FinTech companies at all, which could lead organisations are not ready to go all in and invest fully in to an underestimation of the potential benefits and threats FinTech. Joint partnership is an easy and flexible way to get 7 the majority of involved with a technology firm and harness its capabilities they can bring. According to The Economist, within a safe test environment. By partnering with FinTech bankers (54%) are either ignoring the challenge or talking about companies, incumbents can strengthen their competitive disruption without making any changes. FinTech executives position and bring solutions or products into the market more confirm this view: 59% of FinTech companies believe that banks are not reacting to the disruption by FinTech. – The Economist‹ The disruption of anˆing‹ 215