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PwC: 82% of financial services firms plan to increase fintech partnerships

Apr 06
 
Tags: PwC
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PwC: 82% of financial services firms plan to increase fintech...

More than three-quarters (82 per cent) of financial services firms in the UK are planning to embark on more fintech partnerships over the next three to five years, a new report reveals.

PwC has published a report entitled 'Redrawing the lines: FinTech's growing influence on Financial Services', which shows that a growing number of financial services organisations are recognising the value that fintech can bring to their operations as the world of money management becomes increasingly digitised.

The report included a survey with 1,300 business leaders in the financial services industry, which looked at why organisations are looking to collaborate more closely with fintech providers in the future.

It was found that 88 per cent of respondents believe standalone fintech companies provide a risk to their own revenue. This figure has increased over the last year, with 83 per cent reporting the same concern 12 months ago.

Financial services firms predict that around one-quarter of their revenue could be at risk due to the rise of standalone fintechs, which is why they want to be able to work with these companies on a closer level.

What's more, respondents to the survey revealed that they expect an average 20 per cent return on investment for each fintech project that they invest in, indicating that these collaborations could prove lucrative for both parties.

Manoj Kashyap, global fintech leader at PwC, commented: "Fintech collaboration, and innovation more widely, is not about jumping on the latest bandwagon - it's about finding the best, most efficient way to carry out your business strategy and ultimately better serve your customers."

PwC's EMEA fintech leader Steve Davies added: "Embracing fintech is as much about different ways of working and problem solving as it is about deploying new technology."

With this in mind, more financial services organisations may be looking to management consultants for expert advice on how best to implement these fintech partnerships to ensure maximum benefits for their business.

Search Mindbench.com for the latest management consultancy jobs and consulting recruitment opportunities or contact us on +44(0)207 089 9017.

Image: a-image via iStock

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