Can fintechs and banks live harmoniously?
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Now that open banking has come into force many are predicting that nimble fintech companies will be able to leverage customer data – with their permission – to further disrupt the big banks.
But is this really the case? Or will it create a more collaborative environment as banks focus on core services and fintech companies fill in the niche gaps?
During a panel discussion on Monday, titled ‘fintech, disruption and the near future’, at London Fintech Week the conversation turned to whether smaller fintech firms will be swallowed up by the big tech companies or if they are destined to be niche players in a more diverse financial services ecosystem.
Nicole Buisson, small business director at New Zealand-based fintech Xero feels that fintechs can bring value in their ability to solve very specific problems and collaborate with the banks, who own that customer relationship.
“The reason startups exist is that they fill niche gaps,” she said. “They are pieces of the jigsaw puzzle that perhaps other people aren’t focused on. So I believe there is still a big role for fintechs to play.”
Geoffrey Horrell, director for product incubation at Thomson Reuters added: “There are literally thousands of fintechs and I’m sure the barriers to entry for financial services globally have never been lower.
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