Two major challenges have arisen for financial services companies since the global financial crisis (GFC) of 2008. On the expense side, post-crisis fines have exceeded $200 billion, and the ongoing cost of regulation and compliance has become massive. On the revenue side, competition from new start-up companies may well put up to $4.7 trillion of revenues at risk.
The GFC accelerated the evolution of financial technology start-ups – or FinTechs – which in the last five years have attracted over $80 billion of investment capital. FinTechs run the gamut of new platforms for peer-to-peer lending, robo-advice, payments, credit scoring, and … Read more