Within the banking ecosystem there are two types of agents: players and audiences. The first group creates financial products and services, and are formed by banks, regulators, fintechs and traditional providers. The second agent is the audiences that the product or service created by the players is targeted at, and is formed by customers, industry, shareholders and governments.
Many people think that fintechs are more agile to change than others, but David Gerbino, who works at the Consultant DMG, stated that fintechs are not necessarily the most agile, as many are old and have not managed to overcome changes. He notes that the financial sector in general is very fast as it continuously works with innovation.
Although fintechs have established a strong foothold in the financial ecosystem, this group does not have the most customers; this award goes to banks with 86% of customers compared to 7% for fintechs. The Director of Omidyar Network, Matteo Rizzi, has stated that large banks may be the biggest beneficiaries in the growing popularity of digital content.
Large banks have more resources to invest in maintaining and improving the industry. However, as stated by Spiros Margaris, Banking and fintech expert , the future of the financial sector will be marked by money, but the main players will be innovation and customer service.
According to data that the Think Different Group has had access to, the player that will most change the banking industry will be fintechs. This will be because according to Simon Taylor, Blockchain Vice President at Barclays, banks and regulators will compete to monopolize the industry, which is a great opportunity for fintechs.
Fifty-eight percent of people who have spoken to the Think Different Group believe that fintechs are going to be the winning players in 2016. However, Brett King, Founder and CEO of Moven, notes that banks have known how to stay up to date and they are also winners because they have been committed to innovation.
In the financial ecosystem competition has always been internal, banks against banks, but this trend has changed and it has now become an inter-industry rivalry. This year the most influential aspects will continue to be the cell phone, blockchain, and innovation between banking leaders and fintechs.
Those who will benefit most from these changes designed to improve the banking ecosystem are customers because they will have a much better chance of change. These players will be able to express their expectations and the industry will serve them to improve its relationship with customers.
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