Digital disruptors are attacking the banking industry, redefining customer expectations and reshaping industry boundaries. From competitors to customers, processes to people, banking leaders who want to lead in a digital economy need to make fundamental changes to how they operate. As one of the world’s largest banks acknowledges: “we must change our execution model to be digital.” Venturescanner.com estimates that total funding for FINTECH companies has reached US$21.1 billion with 1,220 companies across 18 FINTECH categories.
Accenture stated in a recent report that up to 32 percent of bank revenues are at risk from new digital business models. If 32% of revenues are at risk, there will be less loan decisions and less data shared with credit bureaus. Most of FINTECH companies appear to be making lending decision on the basis of unstructured data combined with extreme analytics and without the involvement of credit bureaus. Where does this leave the credit bureau industry?
FINTECH will be one of the key topics discussed at the BIIA 10th Anniversary Business Information Conference on October 30th, 2015. Alex Trott, Managing Director, Financial Services of Accenture will lead the discussion.
To read the Accenture report click on this link