2018世界金融科技报告（英文版）_66页_2mb

World FinTech Report 2018 Summary

Core Content

The 2018 World FinTech Report highlights the evolving relationship between FinTech firms and traditional financial institutions, emphasizing that collaboration is becoming a strategic necessity rather than a choice. The report outlines the mutual benefits of this partnership and the challenges both sides face in achieving it.

Main Points

• Symbiotic Relationship: FinTechs and traditional financial institutions (incumbents) have complementary strengths and weaknesses. FinTechs are agile, customer-focused, and free from legacy systems, while incumbents have scale, capital, and regulatory expertise. This dynamic makes collaboration a logical fit.
• Customer-Centricity: The financial services industry is being redefined by rising customer expectations for convenience, personalization, and seamless experiences. These expectations are driven by the innovations of BigTech firms like GAFA and the agility of FinTechs.
• Collaboration Challenges: Both FinTechs and incumbents struggle with finding the right partners, aligning cultures, and scaling innovations. Collaboration often fails before product commercialization due to misaligned priorities and lack of commitment.
• Role of BigTechs: BigTech firms (e.g., Google, Amazon, Alibaba) are emerging as key players in financial services, leveraging their massive customer bases, data, and technological capabilities to disrupt and innovate.

Key Information

FinTechs Redefine the Customer Journey

• Customer Expectations: Customers now expect personalized, efficient, and convenient financial services. FinTechs are meeting these expectations with innovative technology and agile business models.
• Customer-Centric Innovations: FinTechs are improving the customer journey by integrating financial services with daily activities, offering real-time updates, P2P lending, and robo-advisory services.
• Key Principles: Personalization, quick response, relevance, transparency, and seamless delivery are the core principles for building differentiated customer experiences.

Emerging Technologies Enable Transformation

• Infrastructure and Operational Technologies: FinTechs and BigTechs are using platformification, open APIs, RPA, chatbots, and DLT to enhance agility, efficiency, and accuracy.
• Design and Data: User-friendly interfaces and data-driven insights are making financial services more accessible and tailored to individual needs.

The Importance of Partner Selection

• Scale and Trust: FinTechs struggle with scaling due to lack of trust, brand recognition, and regulatory compliance. Traditional institutions, on the other hand, may lack agility and willingness to collaborate.
• Capgemini Scale-Up Certification: This program helps evaluate and qualify FinTechs for effective collaboration with financial institutions, focusing on four pillars: People, Finance, Business, and Technology.

The Role of BigTechs

• Market Impact: BigTechs are redefining the financial services landscape with their technological prowess, customer data, and operational agility.
• Examples: In Asia, firms like Alibaba's Ant Financial are leading the charge, while Western BigTechs like Amazon are also poised to make significant impacts through their strengths in customer experience and innovation.

Types of FinTech Firms

• BankTechs: Focus on lending, cross-border transfers, and money management (e.g., Mint, TransferWise).
• PayTechs: Specialize in digital payments (e.g., Venmo, Paytm).
• WealthTechs: Offer personalized investment advice and robo-advisory services (e.g., Robinhood, Betterment).
• InsurTechs: Use innovative methods for insurance personalization and underwriting (e.g., Lemonade, PolicyGenius).
• RegTechs: Focus on regulatory compliance and financial services governance (e.g., Trulioo, Elliptic).

Quotes and Insights

• Ed Maslaveckas (Bud): "Banks need to learn from and collaborate with the best FinTech firms to ensure customer relevancy into the future."
• Zach Perret (Plaid): "The first area of focus for FinTech entrepreneurs should be on providing superior customer experience."
• Paul Chapman (Moneytree): "Banks have a lot of data, and many don't do very much with it. If you're a FinTech company that has expertise in data, banks need that."

Conclusion

The report concludes that the future of financial services depends on the ability of both FinTechs and traditional institutions to commit to collaboration. While FinTechs bring agility and innovation, incumbents offer scale and stability. The emergence of BigTechs adds another layer of complexity and potential disruption, making the industry landscape more dynamic and competitive than ever before.