MagnaCarta-2018年金融科技颠覆者报告（英文）-2018.6-28页-1mb

2018 Fintech Disruptors Report Summary

Core Content

The 2018 Fintech Disruptors Report EMEA provides an in-depth analysis of the evolving relationship between traditional banks and fintechs in the digital finance landscape. It highlights the progress made, the challenges faced, and the future outlook for both sectors in Europe, the Middle East, and Africa.

Main Points

• Fintechs and Banks are Entering a New Phase: The initial phase of fintech disruption, marked by collaboration and innovation, is giving way to a more mature and strategic phase. Both sides are now focused on sustainable growth and real-world impact rather than just hype and experimentation.

• Partnerships are Still Key: Despite the shift in focus, partnerships remain a critical strategy for both banks and fintechs. However, the reasons for partnering are changing. Banks are now more interested in enhancing customer experience, reducing costs, and integrating digital tools, while fintechs are looking for brand credibility and scale.

• Banks are Stabilizing: The initial panic over fintech disruption has subsided, with banks relying on their strong balance sheets. However, they still face significant challenges, including the risk of up to 31% of their revenues being impacted by fintechs over the next five years.

• Fintechs are Maturing: Fintechs are gaining commercial confidence and are more focused on scaling and building sustainable business models. They are also becoming more pragmatic, prioritizing brand credibility and regulatory compliance over early-stage ambitions.

• Digital Transformation is Inevitable: Both sectors recognize that digital transformation is no longer optional. Banks are investing in mobile services, artificial intelligence, and data analytics to become more efficient and customer-centric. Fintechs are leveraging these tools to enhance their offerings and reach.

• Open APIs are a Growing Opportunity: With the implementation of PSD2 approaching, Open APIs are becoming a central focus for both banks and fintechs. They offer a pathway for integration, innovation, and growth in the digital finance ecosystem.

• Regulatory and Market Realities are Shaping the Future: Regulatory compliance, particularly around KYC and AML, is becoming a more pressing concern. Additionally, the impact of Brexit is now seen as a potential risk for the broader European fintech landscape.

Key Findings

Banks

• 73% of banks view partnerships as the best way to achieve their goals, slightly down from 78% in 2017.
• The top reasons for partnering with fintechs are:
  • Offering latest or leading-edge innovations (39%)
  • Reducing operational costs (42%)
• Mobile services are now seen as a leading opportunity (48%), followed by artificial intelligence (39%) and data analytics (38%).
• Exploring new business models and digital currencies/blockchain have declined in importance, with only 14% and 13% respectively being viewed as leading opportunities.
• 31% of bank revenues are at risk from fintechs over the next five years.

Fintechs

• 69% of fintechs view working with a recognized brand as a primary reason for partnering with banks.
• 64% of fintechs see the potential for rapid growth in scale and reach as a key driver.
• The top challenges for fintechs are:
  • Gaining customer trust (16%)
  • Building sustainable income streams (16%)
  • Access to customers and customer data (14%)
• The top opportunities for fintechs are:
  • Open APIs (68%)
  • Exploring new business models (38%)
  • Data analytics capabilities (35%)
• Regulatory monitoring and reporting, and customer service operations have dropped in importance for fintechs.

Success in the Ecosystem

• Nordea has successfully driven co-innovation through its open banking initiative, offering solutions from over 800 third parties.
• Raisin has built a deposit marketplace with €4.5 billion in assets and 90,000 customers across 37 banks in 31 countries.
• Barclays' Rise has nurtured over 100 companies, demonstrating the potential of fintech accelerators in fostering innovation.

Conclusion

The report underscores that while the initial phase of fintech disruption is coming to an end, the journey toward a fully digital financial services landscape is far from over. Both banks and fintechs must continue to collaborate, innovate, and adapt to the changing digital environment. The future success of the sector will depend on a balance between agility and institutional stability, with Open APIs and regulatory compliance emerging as key areas of focus.