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Fintech 3.0: The Revolutionary Impact of Technology in Banking

Published: 16 June 2021 Code: GDDFS3008

Open banking stands out to be the game-changer in the sector’s digital transformation. Digital-only banks are increasingly the preferred route for banking, predominantly among millennials because of their strong attachment to smart devices. Contactless payments have garnered significant traction during the COVID-19 pandemic as an alternative to carrying out electronic funds transfers at the point of sale. Given the rapid evolution of digital banking, customers are finding it more convenient to manage their finances through online channels, which made the banking sector vulnerable to cyber threats.

The banking sector is under immense pressure due to growing competition from the new-age fintech, a cultural shift towards a tech-first attitude, compliance with mounting regulations, new business models and dramatically changing consumer patterns.

With the advent of emerging technologies like AI, IoT, and blockchain, banks are replacing traditional channels with digital to reach, connect and engage more customers, and reduce costs. Digital channels are enabling banks to increase customer touchpoints and offer tailored products and services from anywhere.

Key findings discussed in the report include:

  • Overview of innovation insights in the open banking, digital-only banks, contactless payments, and cybersecurity sectors
  • Insights on the strategic challenges faced in the banking sector
  • Theme exposure map: Banks, fintech and other financial institutions are focusing on blockchain technology due to its real-time settlement capability, reducing counterparty risk, and enhanced automation
  • Patent filings: Fintech, mobile payments, blockchain, data analytics, and machine learning were the top five themes in patent filings over the last three years
  • Innovation map by sector value chain: Impact of digital technologies on the banking sector with a growing number of innovation use cases across the value chain
  • Channels: API banking, crypto ATMs, chat advisory
  • Products and services: Contactless payments, credit management, POS lending
  • Operations: Fraud detection, the credit assessment, anti-money laundering, compliance management
  • Infrastructure: Core banking, cybersecurity, network security, API management systems
  • Vendor map by sector value chain: Key use cases

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