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1、Blurred lines: How FinTech is shaping Financial S than 20% of FS business is at risk to FinTechs by 2020 57%are unsure about or unlikely to respond to blockchain technologyGlobal FinTech ReportMarch 20162 PwC Global FinTech ReportTitleKey messagesBlockchain: an untapped technology is rewriting the F
2、S rulebookHeading for bargain basement FS? FinTech is slashing costsThe free lunch is over: FS must leverage the FinTech ecosystemFinTech is shaping FS from the outside inWhere traditional financial institutions have failed, FinTechs are succeedingDisintermediation: FinTechs most powerful weaponTime
3、 to get off the bench: over 20% of FS business at risk to FinTechsContentsIntroduction3Section1:Theepicentreofdisruption5Section2:EmergingFinTechtrendsontheradar9Section3:Anindustryundersiege19Section4:Offenceisthebestdefence22Conclusion29Appendix30Summariesofthetrends31DeNovo34Contacts352 PwC Globa
4、l FinTech Report3 PwC Global FinTech ReportIntroductionIt is difficult to imagine a world without the internet or mobile devices. They have become core elements of our lifestyle and have brought a high degree of disruption to virtually every area of business. The financial services (FS) industry is
5、no exception; the digital revolution is transforming the way customers access financial products and services. Although the sector has experienced a degree of change in recent years, the constant penetration of technology-driven applications in nearly every segment of FS is something new. At the int
6、ersection of finance and technology lies a phenomenon that has been accelerating the pace of change at a remarkable rate and is reshaping the industrys status quo it is called FinTech. What is FinTech?FinTech is a dynamic segment at the intersection of the financial services and technology sectors w
7、here technology-focused start-ups and new market entrants innovate the products and services currently provided by the traditional financial services industry. As such, FinTech is gaining significant momentum and causing disruption to the traditional value chain. In fact, funding of FinTech start-up
8、s more than doubled in 2015 reaching $12.2bn, up from $5.6bn in 2014 based on the companies included on our DeNovo platform. Cutting-edge FinTech companies and new market activities are redrawing the competitive landscape, blurring the lines that define players in the FS sector (see Figure 1). Figur
9、e 1: FinTech is a complex ecosystemSource:PwCRegulators and governmentC. Infrastructure playersA. FS institutionsB. Tech companiesD. Start-upsInvestors, incubators and acceleratorsConsumers and usersEmerging technologies and toolsFinTech is shaping FS from the outside in4 PwC Global FinTech ReportOu
10、r objectives and approachThis report assesses the rise of new technologies in the FS sector, the potential impact of FinTech on market players and their attitudes to the latest technological developments. Additionally, it offers strategic responses to this ever-changing environment. Our analysis is
11、based on the following:1) Primary data derived from the results of a global survey that includes feedback from a broad range of players from the worlds top financial institutions. For this study, we surveyed 544 respondents, principally Chief Executive Officers (CEOs), Heads of Innovation, Chief Inf
12、ormation Officers (CIOs) and top-tier managers involved in digital and technological transformation. Our survey was distributed to leaders in various segments of the FS industry in 46 countries (see Figure 2).1 2) Insights and proprietary data from DeNovo, PwCs Strategy& platform composed of a 50-me
13、mber team of FinTech subject matter specialists, strategists, equity analysts, engineers and technologists with access to over 40,000 public and proprietary data sources. In the first section, we explore FS market participants perspectives on disruption. Next, we highlight the main emerging FinTech
14、trends in the various FS industries and the readiness of the market to respond to these trends. Finally, we offer suggestions about how market players should strategically approach FinTech. 1 Pleaserefertotheappendixformoreinformationaboutoursurveysample.Figure 2. Type of survey respondentsSource:Pw
15、CGlobalFinTechSurvey2016Global breakdownnBank30%n Assetandwealthmanagementcompany21%nFinTechcompany20%n Insurancecompany14%nOther*11%n Fundtransferandpaymentsinstitution4%FinTech is a dynamic segment at the intersection of the financial services and technology sectors where technology-focused start-
16、ups and new market entrants innovate the products and services currently provided by the traditional financial services industry.*Otherincludesconsultants,nationalsupervisoryandinternationalfinancialinstitutions.5 PwC Global FinTech ReportBanking and PaymentsInsurance, Asset Management and Wealth Ma
17、nagementUp to 22% of business at risk by 2020Up to 28% of business at risk by 2020The epicentre of disruption 1New digital technologies are in the process of reshaping the value proposition of existing financial products and services. While we should not underestimate the capacity of incumbents to a
18、ssimilate innovative ideas, the disruption of the financial sector is clearly underway. And consumer banking and payments, already on the disruption radar, will be the most exposed in the near future, followed by insurance and asset management.“We thought we knew our customers, but FinTechs really k
19、now our customers.”A senior executive at a global banking organisation.6 PwC Global FinTech Report1.1 Disruption targets mostly consumer banking and payments In keeping with changes already underway, the majority of our survey participants see consumer banking and fund transfer and payments as the s
20、ectors most likely to be disrupted over the next five years (see Figure 3).In consumer and commercial lending, for example, the emergence of online platforms allows individuals and businesses to lend and borrow between each other. Lending innovation also manifests itself in alternative credit models
21、, use of non-traditional data sources and powerful data analytics to price risks, rapid customer-centric lending processes, and lower operating costs.In recent years, the payments industry has also experienced a high level of disruption with the surge of new technology-driven payments processes, new
22、 digital applications that facilitate easier payments, alternative processing networks and the increased use of electronic devices to transfer money between accounts.Disintermediation: FinTechs most powerful weaponFigure 3: Areas of disruptionSource:PwCGlobalFinTechSurvey2016ConsumerbankingFundtrans
23、fer&paymentsInvestment&wealthmanagementSMEbankingBrokerageservicesProperty&casualtyinsurance/LifeinsuranceCommercialbankingInsuranceintermediaryMarketoperators&exchangesFundoperatorsInvestmentbankingReinsurance0%20%10%30%40%50%60%80%70%Which part of the financial sector is likely to be the most disr
24、upted by FinTech over the next 5 years? All industriesBanking and capital marketsAsset and wealth managementInsurance/ReinsuranceFund transfer and paymentsConsumer banking and fund transfers & payments are likely to be the most disrupted sectors by 20207 PwC Global FinTech Report1.2 Asset management
25、 and insurance are also on the disruption radar Although a high level of disruption triggered by FinTech is already beginning to reshape the nature of lending and payment practices, a second wave of disruption is making inroads in the asset management and insurance sectors. Our survey found that thi
26、s perception is confirmed by insiders. Nearly half of insurers and asset and wealth managers consider their respective industries to be the most disrupted. When asked which part of the FS sector is the most likely to be disrupted by FinTech over the next 5 years, 74% of insurance companies identifie
27、d their own industry, while only 26% of players from other sectors agreed; 51% of asset managers said their industry will be disrupted, while only 31% of other players agreed. However, there seems to be a perception gap here; professionals from other industries do not see the same level of disruptio
28、n in these areas. The fact that only insiders are aware of this situation, while outsiders dont perceive it could indicate that the disruption is in its very early stages (see Figure 4). Even so, venture capitalists are looking very closely at start-ups dedicated to reinventing the way we invest mon
29、ey and buy insurance. Annual investments in InsurTech start-ups has increased fivefold over the past three years, with cumulative funding of InsurTechs reaching $3.4bn since 2010, based on companies followed in our DeNovo platform.The pace of change in the global insurance industry is accelerating m
30、ore quickly than could have been envisaged. The industry is at a pivotal juncture as it grapples with changing customer behaviour, new technologies and new distribution and business models. The investment industry is also being pulled into the vortex of vast technological developments. The emergence
31、 of data analytics in the investment space has enabled firms to hone in on investors and deliver tailored products and automated investing. Additionally, innovations in lending and equity crowdfunding are providing access to asset classes formerly unavailable to individual investors, such as commerc
32、ial real estate. Figure 4: Areas of Disruption Incumbents views vs. outsiders opinions Source:PwCGlobalFinTechSurvey2016InsuranceInvestment&WealthManagement51%74%Asset & wealth management companiesInsurance companies31%26%Other respondentsOther respondents8 PwC Global FinTech Report1.3 Customer cent
33、ricity is fuelling disruptionAs clients are becoming accustomed to the digital experience offered by companies such as Google, Amazon, Facebook and Apple, they expect the same level of customer experience from their financial services providers. FinTech is riding the waves of disruption with solutio
34、ns that can better address customer needs by offering enhanced accessibility, convenience and tailored products. In this context, the pursuit of customer centricity has become a main priority and it will help to meet the needs of digital native clientele. Over the next decade, the average FS consume
35、r profile will change dramatically as the Baby Boomer generation ages and Generations X and Y assume more significant roles in the global economy. The latter group, also known as “Millennials” (those born between 1980 and 2000), is bringing radical shifts to client demographics, behaviours and expec
36、tations. Its preference for a state-of-the-art customer experience, speed and convenience will further accelerate the adoption of FinTech solutions. Millennials seem to be bringing a higher degree of customer centricity to the entire financial system, a shift that is being crystallised in the DNA of
37、 FinTech companies. While 53% of financial institutions believe that they are fully customer-centric, this share exceeds 80% for FinTech respondents. In this respect, 75% of our respondents confirmed that the most important impact FinTech will have on their businesses is an increased focus on the cu
38、stomer (see Figure 5). Figure 5: Business challenges Source:PwCGlobalFinTechSurvey2016In which areas do you see the most important impact to your business from FinTech? Meet changing customer needs with new offeringsLeverage existing data and analyticsEnhance interactions and build trusted relations
39、hipsEnhance business with sophisticated operational capabilities75%51%42%42%Where traditional Financial Institutions have failed, FinTechs are succeeding9 PwC Global FinTech ReportEmerging FinTech trends on the radarTo help industry players navigate the changes in the banking, fund transfer and paym
40、ents, insurance, and asset and wealth management sectors, we have identified the main emerging trends that will be most significant in the next five years in each area of the FS industry.Overall, the key trends will enhance customer experience, self-directed services, sophisticated data analytics an
41、d cybersecurity. However, the focus will differ from one FS segment to another. 2The methodology is based on DeNovos insights of emerging FinTech trends for each financial segment (see Summaries of trends in the Appendix). Industry leaders assessed which trends in their segment will be important for
42、 their business over the next five years and indicated their likelihood to respond to each of them. The trends in the upper right quadrant of the chart reflect those that Financial institutions are prioritising for each FS sector. For each segment, a bubble chart benchmarks the trends according to t
43、hree indicators. The vertical axis of the graph displays the level of importance. On the horizontal axis, the likelihood to respond to these trends (e.g. allocate resources, invest) is given, and the size of the bubbles is proportional to the number of related FinTech companies associated with the t
44、rend (see Figures 6, 7, 8 and 9).Asset & wealth managementBankingInsuranceFund transfer & payments10 PwC Global FinTech Report2.1 Banks are going for a renewed digital customer experienceBanks are moving towards non-physical channels by implementing operational solutions and developing new methods t
45、o reach, engage and retain customers.As they pursue a renewed digital customer experience, many are engaging in FinTech to provide customer experiences on a par with large tech companies and innovative start-ups.Simplified operations to improve customer experienceThe trends that financial institutio
46、ns are prioritising in the banking industry are closely linked (see Figure 6). Solutions that banks can easily integrate to improve and simplify operations are rated highest in terms of level of importance, whereas the move towards non-physical or virtual channels is ranked highest in terms of likel
47、ihood to respond. Banks are adopting new solutions to improve and simplify operations, which fosters a move away from physical channels and towards digital/mobile delivery. Open development and software-as-a-service (SaaS) solutions have been central to giving banks the ability to streamline operati
48、onal capabilities. The incorporation of application program interfaces (APIs) enables third parties to develop value-added solutions and features that can easily be integrated with bank platforms; and SaaS solutions assist banks in offering customers a wider array of options which are constantly upg
49、raded, without banks having to invest in the requisite research, design and development of new technologies.Figure 6: Trends in the banking industry ranked by importance and likelihood to respondHow important are these trends for your industry and how likely are you to respond to them? (e.g. allocat
50、e resources, invest)The size of the bubbles is proportional to the number of related FinTech companies as assessed by the DeNovo platformSource:PwCGlobalFinTechSurvey2016andDeNovoseeinAppendixthedefinitionsoftheabove-mentionedtrends.LevelofimportanceLikelihoodtorespondtothetrendLessMoreMoreLess 1 So