Nearly three quarters, or 73% of financial services firms here in Singapore see part of their current businesses at risk of being lost to standalone fintech companies that emerging in a big way, according to a survey done by PwC.
By contrast, the corresponding response for financial services firms worldwide is 83%. Within the group of respondents, banks are the most worried within this industry, with 95% saying so.
Both market share and profit margins are at risk, as fintech upstarts, touting better cost efficiency and other advantages, begin to displace the intermediary role long played by traditional financial services companies.
“FinTech, which has a strong and growing centre of excellence in Singapore, is shifting the paradigm of traditional intermediary roles and making them obsolete,” says Antony Eldridge, Financial Services and FinTech Leader, PwC Singapore.
“While financial services organisations have previously acted as intermediaries in the financial system by providing an invaluable service to clients, their functions are being usurped by new technology-driven business models,” he adds.
The survey drew from 544 respondents from 46 countries. They hold job titles ranging from CEOs to heads of innovation to chief information officers as well as other senior executives running digital and technological transformation.
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By contrast, the corresponding response for financial services firms worldwide is 83%. Within the group of respondents, banks are the most worried within this industry, with 95% saying so.
Both market share and profit margins are at risk, as fintech upstarts, touting better cost efficiency and other advantages, begin to displace the intermediary role long played by traditional financial services companies.
“FinTech, which has a strong and growing centre of excellence in Singapore, is shifting the paradigm of traditional intermediary roles and making them obsolete,” says Antony Eldridge, Financial Services and FinTech Leader, PwC Singapore.
“While financial services organisations have previously acted as intermediaries in the financial system by providing an invaluable service to clients, their functions are being usurped by new technology-driven business models,” he adds.
The survey drew from 544 respondents from 46 countries. They hold job titles ranging from CEOs to heads of innovation to chief information officers as well as other senior executives running digital and technological transformation.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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