PwC, one of the “Big Four” auditors along with Deloitte, EY and KPMG, revealed in its new study that banks and financial institutions are experiencing major losses in revenue due to the emergence of Fintech companies and service providers.
“Innovation is happening outside of the organisation, with emergent technologies being leveraged by startups, and if financial Institutions want to speed up their innovation they need to significantly increase their collaboration with FinTech companies,” said Kashyap.
In the future, PwC researchers stated that a trend will form in which banks will fund startups and secure tight partnerships with Fintech innovators to ensure that their platforms and applications maintain efficiency.
Already, the Fintech and cryptocurrency industries are observing this trend.
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