FinTech companies have already disrupted the financial services market in a sizeable way. Smartphone-based FinTech applications have widened market access, lowered costs; and increased the diversity of products available to consumers. But thus far, the large incumbent players in the market (banks and long-established finance houses) have been able to keep pace with these changes, either by partnering with start-up FinTech companies, or by utilising access to cheap credit to fund disruptive products of their own. But in their quest for survival, are big financials training their guns on the wrong targets? A recent paper published by the Financial Stability Board (FSB) suggests this may well be the case.
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