Another potential 2017 trend for fintech is the rapid digitization of banks. In this area, banks are increasingly collaborating with fintech start-ups and game-changers to digitize their existing financial services, and innovate new ones. McKinsey estimated that digitization would cut 20%-25% of cost by fundamentally changing the way banks process and service.
5. Fintech innovations will open doors to new opportunities
As our world becomes increasingly digital and connected, fintech innovations will play an even greater role in 2017. Contactless payment, wearables, and mobile payment apps are opening door to new opportunities, changing the ways we live, work, and play like never before. The possibilities are limitless; some are even unimaginable yet.
It is crucial for financial institutions and businesses to have a clear digital strategy, and partner with the right technology provider to seize the first-mover advantage. 2017 will be a good year to act upon a new digital strategy.
Sign up for CIO Asia eNewsletters.