A war is raging on the financial technology (FinTech) front. With consumers and businesses alike clamoring for faster loan processing, greater returns on financial investments and better overall customer experiences, entrenched financial giants are facing soaring competition from smaller and nimbler startups. These banking goliaths are now starting to fight back with more customer-responsive offerings built on big data analytics, mobile apps and cloud-enabled CRM.
On the startup side, new players financial services scene are shaking up the landscape all across the industry quadrants of banking, investing, insurance and payments, says Cliff Condon, chief research and product officer at Forrester Research.