Fleximize founder Peter Tuvey examined how fintech has transformed the financial services sector in an article for ITProPortal, the online resource for business and IT professionals.
Reflecting on the rapid growth of fintech over the past decade, Peter explained how startups in the space have become both a threat and an opportunity to banks and other traditional finance institutions.
He went on to praise the government’s backing of fintech, specifically alternative finance, with initiatives such as the Bank Referral Scheme and Enterprise Finance Guarantee (EFG), before sharing his thoughts on what will help fintech flourish in the future. Click here to read Peter's thoughts in full.
On the one hand, fintech is the most disruptive threat to the traditional financial service industry in its history. On the other, it has the potential to drive further innovation in the sector, which will aid the survival of banks long-term.
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