Mastercard-Sponsored Study Identifies Opportunities for Growth, Partnership
Miami, FL – May 30, 2019 – We are living in an age of permanent update, and as such, we’re understanding better than ever that companies must keep up with the latest in technology and innovation to stay competitive. As new technologies and regulations bring new opportunities and challenges to the financial services industry, nearly two-thirds of established companies are leveraging fintech capabilities for growth, according to a new survey from Harvard Business Review Analytic Services, sponsored by Mastercard. That number is expected to increase by 20 percent in the next three years.
This week, Mastercard is participating in the 6th edition of the Fintech Americas Conference in Miami Beach, Florida, the premier event for the banking industry’s C-Suite Leaders in Latin America and the Caribbean (LAC). During the conference, leading industry executives will learn about innovation in cross-border payments from David Goldschmidt, VP, Head of Push Payments, Mastercard LAC, as well as from Stefany Bello, VP of Digital Partnerships, Mastercard LAC, who will discuss how fintechs have disrupted financial services.
“In the Game: Traditional Financial Institutions Embrace Fintech Disruption” surveyed 300 senior executives at financial services companies to gauge their views on the opportunities and threats brought about by newer, nimbler competitors that rely heavily on specialized software, algorithms, and technology to offer their services.
The Mastercard-sponsored study showed that traditional institutions are “banking” on brand recognition, customer trust, physical distribution channels, and experience navigating the complex regulatory environments to maintain a competitive advantage. In fact, nearly 80 percent do not feel an immediate threat from fintechs, but are learning from their efforts.
“Fintech is the new door into the financial system,” said Stefany Bello. “Through this report, we can see that collaboration and new partnerships are crucial to transforming the way we work and igniting transformation through technology. Together, we must constantly adapt our strategies and adopt new initiatives to remain competitive.”
Over the long-term, every financial services company has an opportunity to learn from today’s emerging fintechs, particularly in the areas of agile business practices, digital-first business plans and leading with an entrepreneurial mindset.
As they do, data and analytics will play an even more critical role. Companies will increasingly use these capabilities to support risk management and the customer experience. Data-driven companies will have a greater advantage in terms of personalizing the customer experience and boosting customer loyalty.
Additional insights and the full report are available at http://go.mastercardservices.com/en/expert-insights/financial-institutions-embrace-fintech-disruption.
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