World FinTech Report 2017
Copenhagen, November 2, 2016– Half of banking customers across the globe are using the products or services of at least one FinTech firm, according to the first World FinTech Report (WFTR) from Capgemini and LinkedIn, in collaboration with Efma.
FinTechs continue to gain momentum, but overall customer experience and trust remain low
While FinTech providers continue to have a disruptive market presence, overall customer trust levels in these providers remain low. Only 23.6 percent of customers say they trust their FinTech provider compared to 36.6 percent for traditional firms. Customers noted traditional financial institutions still hold some advantage over FinTech providers when it comes to fraud protection, quality of service, and transparency.
The drive for collaborating with FinTechs is seen as key to delivering innovation
Traditional financial institutions continue to face challenges, with less than half (44.0 percent) of executives confident in their FinTech strategy. This is not surprising given only about one-third (34.7 percent) affirmed they have a well-structured or proactive innovation strategy in place that is embedded culturally. The risk-averse nature of traditional firms also makes it difficult for them to create cultures that prioritize innovation, and 40.3 percent of executives said that theirs is not conducive to innovation.
Capgemini and LinkedIn, in collaboration with Efma bring the World FinTech Report 2017 (WFTR) which features a high-profile executive steering committee from a mix of biggest traditional, non-traditional and industry expert firms. It also includes deep insights into “Moments of Truth” for customers on their customer experience traditional firms and FinTechs with results of a survey of 8,000 customers in 15 countries. The report utilized the executive roundtable discussions, Agents of Change videos, as well as numerous executive interviews to discuss the impact on the industry as it faces disruption along with opportunities for new collaborations and innovation.
- Mohamed AttazghartiMarketing & Communication Director
Mohamed AttazghartiMarketing & Communication Director
- Thomas Skovsted-AndersenSales Director
Thomas Skovsted-AndersenSales Director