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1、WORLD FINTECH REPORT2018in collaboration withContentsFinTechs Are Redefining the Financial Services Customer Journey13Preface4Executive Summary8Competition and Rising Expectations Spur Customer-Centricity Push Identify gaps left by traditional Financial Services providers and explore changing custom
2、er expectations.14 Data and insights are reshaping personalized experiences through automation and distributed ledger technology.Emerging Technologies Enable Customer Journey Transformation19 Firms are driving innovation and operational excellence through agile and digital teams.Alignment with Custo
3、mer Goals, Creation of Trust, and Delivery of Digital, Agile, and Efficient Processes Are Catalysts for Success27World FinTech Report 2018The Symbiotic Relationship between FinTechs and Traditional Financial Institutions35 Maintaining and accelerating scale is a common FinTech firm struggle, so the
4、right collaboration partner is critical.Finding the Right Partners for Collaboration Is Essential44 A partnership ecosystem of FinTechs, incumbents, and other vendors fosters a win-win for stakeholders.FinTech and Incumbent Firms Respective Competitive Advantages and Shortcomings Make Collaboration
5、a Logical Fit36 Selection of the appropriate engagement model boosts FinTech scale-up efforts.Successful Collaboration Requires Commitment and Agility from FinTechs and Incumbents49The Path Forward: An Impending Role for BigTechs?60 BigTechs could have massive impact on the Financial Services indust
6、ry.4PrefaceOnce rather homogenous and somewhat staid, the financial services marketplace has transformed into a dynamic milieu of bar-raising specialists. These new-age professionals are devoted to meeting and exceeding the expectations of consumers who have become accustomed to personalized service
7、s from industries such as retail, travel, and electronics. Financial services customers no longer rely on one or two firms. Insteadin pursuit of an efficient, portable, and delightful customer journey they pick and choose from among traditional and not-so-traditional institutions to best meet their
8、dynamic needs.The “new normal” of 2018 did not happen overnight. This financial industry evolution was sparked by the 2008 financial crisis. However, when FinTech firms started making post-crash waves, they were met by uncertainity from stakeholders who assumed the new-age players would never overco
9、me significant barriers to entryregulatory compliance, ability to scale, trust, etc. An unsettling second phase quickly followed during which stakeholders, as well as analysts, speculated that FinTechs might take over the entire industry. A plethora of screenshots mapping hundreds of FinTech firm lo
10、gos against global banks websites showcasing how they are fulfilling customer demand for new products and services, inferring the death of traditional institutions.Our inaugural World FinTech Report in 2017 highlighted the transition to the third phase, where we reside today. FinTechs are relevant a
11、nd traditional financial services firms are not going away anytime soon. Even as incumbents struggle with sluggish innovation often the result of legacy technology and an internally-facing culturethe customer journey is being redefined by creative and agile FinTech solutions. At the same time, FinTe
12、ch firms are coming to realize that their ability to expand their base, gain full consumer trust, scale operations, and navigate a complex regulatory environment is reliant upon the support, engagement, and valuable insight of industry veterans.While traditional financial institutions and FinTech fi
13、rms understand the value each can provide, the market has seen few success stories in which an Incumbent/FinTech partnership has generated significant growth. FinTech firms perceive incumbents as lacking agility and unwilling to partner with them. Traditional institutions with their legacy systems a
14、nd slow-to-change cultures struggle to cut through the clutter generated by several thousand recently-funded FinTech firms. Therefore, collaborative engagements between traditional financial services and FinTech firms often end during the NDA or procurement stage. The unfortunate result is that coll
15、aboration is snuffed out before product commercialization and any real-world benefit.Fruitful collaborations will heavily rely on traditional institutions ability to identify and assess whether candidates for partnership have the characteristics necessary for sustained success across four pillars: P
16、eople, Finance, Business, and Technology. Capgeminis recently launched ScaleUp Certification process is a tool that creates an industrialized model for collaboration and mutual verification that encourages smoother sailing between traditional financial institutions and FinTechs. The method has been developed primarily for scale-ups, those organizations that are relatively new ventures but have surpassed certain mile
