Key themes

What became apparent is that whilst there is plenty of opportunity ahead, the fintech category faces a new set of challenges as it enters 2017. Whilst no longer a nascent industry, having moved into the mainstream, the narrative has become stuck in its own echo-chamber and lost sight of its original purpose: empowering customers.

We predict challenges and opportunities for the category in the year ahead.

Four key challenges

Big banks maintain stronghold on market

The market dominance of the big banks, through allocation of venture capital and other means, is the biggest barrier to customer benefit.

Fintech will deliver a step-change in financial capability

The UK population, despite rhetoric from big banks, does not require ‘education’. Instead fintech will arm consumers with the tools to empower themselves.

Customer scrutiny will be fundamentally different

Fintech must aim for an unprecedented degree of transparency. Start-ups will have to strive for the customer-centric approach that the mobile generation expects.

Traditional product boundaries will blur

Unlike older banking corporations, fintech start-ups can take advantage of their more streamlined operations to be more adaptive to consumer needs.

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