According to PWC’s research, the rise of new technologies companies is seriously disrupting the traditional financial services sector.
Banking and payments industries are estimated likely to lose around a quarter of their business to these FinTech companies in the next five years.
One of the key ways in which these modern FinTech companies put pressure on the incumbent players is using cloud-based platforms which increase speed of innovation and operations, while decreasing up-front and ongoing infrastructure costs, thus making their services more competitive.
Read the full research from PWC
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