2018金融科技颠覆者报告（英文版）-1mb

2018 Fintech Disruptors Report Summary

Core Content

The 2018 Fintech Disruptors Report provides an analysis of the evolving landscape of digital financial services in Europe, the Middle East, and Africa (EMEA). It examines the changing dynamics between traditional banks and fintechs, highlighting both the challenges and opportunities in the transition from electronic to digital finance.

Main Viewpoints

Banks

• Shift in Strategy: Banks are increasingly focusing on internal transformation rather than experimental innovation. They are prioritizing mobile services, artificial intelligence, and data analytics as essential tools for digital readiness.
• Partnership Trends: While partnerships with fintechs are still viewed as important, the reasons for partnering are shifting. Banks now emphasize creating alternative business models and improving market perception, rather than generating new revenue streams or enhancing customer experience.
• Risk Perception: Despite the initial panic caused by fintechs, banks are now more confident due to strong balance sheets. However, they acknowledge that up to 31% of their revenues could be at risk from fintechs in the next five years.
• Digital Transformation: The report indicates that banks are still grappling with the challenges of digital transformation, including legacy systems and slow decision-making. Open APIs are seen as a major opportunity, especially in light of the upcoming PSD2 implementation.

Fintechs

• Commercial Confidence: Fintechs are gaining more confidence in their ability to scale and grow. They are now more pragmatic and less idealistic about partnering with traditional institutions.
• Partnership Focus: Fintechs now prioritize working with recognized brands and achieving scale as the main benefits of collaboration. Regulatory monitoring and customer service, which were previously top concerns, have dropped in importance.
• Challenges: Trust and customer acquisition remain significant challenges, though they are becoming less critical compared to previous years. The primary challenge is now building scale and reach.
• Opportunities: Opportunities for fintechs include Open APIs, exploring new business models, and data analytics capabilities. However, e-commerce, blockchain, and digital currencies are losing appeal.

Key Information

Methodology

• The report is based on a survey of 5,000 professionals in banking, financial services, and fintech across EMEA.
• 20 interviews with experts were conducted to provide deeper insights into the evolving fintech landscape.

Ecosystem Development

• Europe and the Middle East/Africa are well-positioned to lead in digital finance, with over 50% of global fintech hubs and 716 regulatory sandboxes in development.
• Open banking initiatives like Nordea’s are driving co-innovation by integrating third-party solutions.

Success Metrics

• Barclays' Rise has received over 4,000 applications and nurtured over 100 companies to investable status.
• Raisin's deposit marketplace has accumulated €4.5 billion in assets with 90,000 customers across 37 banks in 31 countries.
• ComplyAdvantage has grown to a team of 75 people in Europe and the US, serving over 200 global customers with anti-money laundering technology.

Changes Over Time

• Partnership Importance: While 73% of banks still view partnerships as the best way to achieve goals, the reasons for partnering have evolved. Creating alternative business models is now a primary driver.
• Fintechs' Priorities: Fintechs have shifted from focusing on customer data and trust to emphasizing brand credibility and scale.
• Market Perception: The initial excitement around fintechs has given way to a more realistic understanding of the challenges and opportunities in the sector.

Future Outlook

• PSD2 Impact: The implementation deadline of PSD2 is driving increased interest in Open APIs, which are now the top opportunity for fintechs.
• Brexit Concerns: While previously dismissed, Brexit is now seen as a potential threat to fintechs across Europe, not just the UK.
• Collaboration Necessity: Both banks and fintechs recognize the need for co-dependent relationships and cross-industry collaboration to navigate the digital transformation.

Conclusion

The fintech revolution has entered a more mature phase, marked by pragmatism and collaboration. While banks are adapting to the digital age, fintechs are positioning themselves for growth and scale. The future of digital finance in EMEA will depend on the ability of both sectors to work together and embrace the changes brought by open-source platforms and digital innovation.