Fintech Has Yet to Bring About a Revolution

World Fintech Day just passed and it allowed for reflection on how much fintech has disrupted traditional finance to date; the answer is that fintech has yet to bring about the revolution it promised; regulation is one reason with financial services being one of the most regulated industries in the world; a recent survey from RSM of almost 800 companies found banking to be one of the least innovative, textiles were seen as more innovative; David Birch writes in Forbes, “If there is going to be such a revolution, if new technology is allowed to create new business models and new market structures, and if those new structures are to reduce the costs of intermediation, then we need the regulators to create the space for innovation. And perhaps, just perhaps, they have: open banking is the first step on an open data road that may ultimately not only revolutionise payments, banking and credit but… everything.” Forbes.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.