How FinTech has disrupted the traditional financial services model
In this episode of the Agents of Change podcast, EY’s Roger Park is joined by Matt Hatch, EY Americas Financial Services FinTech & Growth Markets Leader, for a discussion exploring how FinTech has disrupted the traditional financial services model and grown since the industry's beginnings, its evolution towards mass adoption, the future of FinTech and the promise of open banking, as well as the opportunities that FinTech offers around greater financial inclusion.
For your convenience, full text transcript of this podcast is also available. Read the transcript.
Podcast
Episode 02
Duration 19m 20s
The term FinTech, or financial technologies, is a term that started in the mid-90s and evolved into a lot of the innovations around financial products for consumers in the early 2000s.
Over the last five to seven years, it has been explored throughout the rest of financial services, and a lot of other innovations in terms of insurance products, investing products, and the enabling technologies for financial institutions. So, Blockchain, Chatbots, Advanced Analytics, Machine Learning and AI are some of the capabilities that are coming out and helping financial institutions and FinTechs innovate and produce new products and services.
Learning outcomes
- The number one reason why customers are not using FinTech products is just awareness, followed by trust, according to the 2017 Global FinTech Adoption Index.
- It’s a great opportunity for companies, as they get their cost economics and their unit economics down, to service a product to those who don’t have access to financial systems.
In this series
Series overviewHow consumers and SMEs are adopting Fintech
Episode 10
Presenters
How to win in the future of financial services
Episode 09
Presenters
EY Americas Financial Services Digital & Customer Growth Leader
