One of the better summaries and surveys. In Q4 2020, Fintech Connect surveyed 140+ Fintech Leads from across the entire FinTech industry. Summary of findings below and report is attached as well. Enjoy!
Key Findings FinTech State of Play 2020
IMPROVING BUSINESS PROCESSES IS TOP OF THE AGENDA Optimizing operations is the number one priority over the next 12 months for 44% of fintech players, reflecting the new demands of covid economies.
TIME AND CASH ARE STILL THE BIG TRANSFORMATION BLOCKERS A lack of resources can sink any digital transformation project, and half of firms say that budget and time restraints are a drag on their strategies.
CHALLENGER BANKS CAN EXPECT CONSOLIDATION Over half of participants anticipate consolidation in the banking sector, with challengers the big losers and bricks and mortar banks going nowhere soon.
CLOUD IS RIDING HIGH, CLOSELY FOLLOWED BY AI Cloud and artificial intelligence are those technologies in the most advanced stages of deployment.
COVID IS A DIGITAL KICKSTARTER AND CULTURE SHIFTER The global pandemic has both sped up digital transformation and forced fintech players to rethink their businesses.
FEW WIRECARD WORRIES The overwhelming majority – 83% - of participants said their businesses were not affected by the Wirecard collapse.
REACTIVE REGULATION EXPECTED Many believe regulators will overcorrect in the wake of the Wirecard scandal.
BLOCKCHAIN IS THE VICTIM OF ITS OWN HYPE The biggest barrier to blockchain adoption is the spread of cynicism since the hype bubble burst, followed by a lack of technological maturity and successful governance.
BANKING ON BAAS The impact of banking as a service on the global fintech landscape will be overwhelmingly positive over the next 18 months.
THE FINTECH CROWN WILL STAY IN LONDON 40% of participants believe that London will remain the European capital of fintech after leaving the EU.
ON TRACK FOR DEPARTURE The majority of fintech firms are ready or will be ready for the UK’s departure from the European Union.