Why FinTech is booming and what to do about it
Whether it’s funding your business via Kickstarter or trusting your portfolio management to an algorithm, technology is disrupting financial services. There are a number of success stories already, from TransferWise to PayPal. As this trend accelerates, fueled by Moore’s Law and venture capital, it’s worth asking why finance is being targeted by upstarts and what their chances of success are.
Recent turmoil in capital markets and central bank activity are sure to test these new models. Will they hold up? Will customers continue to buy into a futuristic vision or will they crave the human factor offered by more old-school players? These questions have never been more relevant than right now.
In Disrupting finance: How to save the Fortune 1000, Tradeshift drew on a series of interviews with industry luminaries at the Tradeshift Sanctuary in Davos during the World Economic Forum 2016. Between partnerships with TechCrunch and CNBC, the Tradeshift Sanctuary hosted a bevy of incumbents and disruptors at the forefront of finance.
Their approaches and analysis varied widely, befitting their different market positions, but all agreed finance was facing disruption and the only way to survive was to embrace it. A highlight was a joint interview with Taavet Hinrikus, CEO of TransferWise and Ann Cairns, President of International Markets at MasterCard.
As Ann Cairns makes clear in the video above, successful companies became that way for a reason but must also embrace change to remain on top. The first step is to enable organizational agility. This is a matter of culture, process, and tools. We focus on the final in this series of Tradeshift reports on supply chain agility in the age of disruption. The report finds that while disruptors have significant momentum, established companies can counter by co-opting the agility imperative and pairing it with their established infrastructure. The most obvious place to do this is in a global supply chain. The full analysis and details are in the report. Simply fill out the form below to receive your copy and stay tuned as we roll out the full series.
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