"No no he's not dead, he's, he's restin'! Remarkable bird, the Norwegian Blue, idn'it, ay?"Did someone cancel the fintech revolution or has it just been delayed? That's the question posed by a new report on the UK scene, which argues that new entrants have failed to lure customers from incumbents and that VC money has started to dry up.Over the last few years, the fintech hype machine has been in overdrive, with a digital revolution promising to change market structure, radically improve products and services, and save the high street veterans from sliding into invisible utilities.
The Accenture report says that these promises have yet to come to pass; old fashioned banks are still standing, and perhaps standing still, while startups have yet to gain real traction in customer acquisition and seen their VC investment decline by more than a third in the last year.
Nevertheless, Accenture suggests that the revolution is more likely to be stalled than dead. The firm argues that the UK can establish itself as a leading exporter of fintech R&D, helping individual firms monetise their expertise and 'UK plc' build the county's digital reputation....MORE, including the link to the Accenture report (16 page PDF)
Saturday, June 3, 2017
"Did someone cancel the fintech revolution?"
From FinExtra, May 29: