Accelerated Disruption in FinTech

Accelerated Disruption in FinTech

Brett King 05/10/2022
Accelerated Disruption in FinTech

The use of mobile wallets is just one of the signals of the fintech disruption globally.

The Fastest Growing FI’s are all Digital

It’s not just the pace of investment either. Obviously fintech offered critical utility as the pandemic hit and consumers around the globe became more dependent than ever on e-commerce, mobile wallets, mobile money platforms and the like. But something more fundamental was also happening.

Digital Scaling — The Killer App

NuBank, Revolut, Chime, N26, Monzo, Wise, NYDIG and thousands of other Fintech startups globally are growing like never before thanks to increased digital adoption that only accelerated during the pandemic. NuBank became the largest bank in LatAm not because of an overheated fintech bubble, but because NuBank’s fundamentals fit much more closely with digital-first economies of the 21st century, versus the outmoded metrics we typically applied to banks in the last century.

The First Trillion Dollar Bank?

Clearly, the potential growth of players like NuBank, WeBank, Ant, Revolut and others is the fact that they can enter new markets relatively easily due to the fact they don’t require branch networks or agents to enable distribution. The market has already recognized that customer behavior has shifted to digital-first during the pandemic, and players designed from the ground up for the digital world have significant advantages in acquisition, operations, customer experience and servicing capabilities. In 2018 WeBank already handled 98% of its daily customer support enquiries via AI, as an example.

 

Disclaimer: This article is sponsored by the Qlik Data Brilliant Podcast.

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Brett King

FinTech Expert

Brett King is a futurist, best selling author, award winning speaker and host of a globally recognized radio show. He is also co-founder and CEO of Moven, a New York-based $200m mobile banking startup with over a million users. He is widely regarded as one of the top 5 global influencers in financial services, and his book Augmented was cited by China's President Xi Jinping as recommended reading on artificial intelligence. He advised the Obama administration on the Future of Banking, and has spoken on the future in 50 countries in the last 3 years. Brett focuses on how technology is disrupting business, changing behaviour and influencing society. He has fronted TED conferences, given opening keynotes for Wired, Singularity University’s Exponential Finance, The Economist, SIBOS and many more. He appears as a commentator on CNBC and has appeared regularly on the likes of BBC, ABC, FOX, Bloomberg and more. His radio show, Breaking Banks, began in May 2013. It was the first global show and podcast on FinTech, and has grown to be the most popular with an audience in 140 countries/ 3.6 million listeners.

   

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