A Mindset Shift Among Incumbents!
Those in the fintech and crypto space have gone from being the problem wild child to the cool kid on the block according to Martin Bartlam who shares some of the insights from DLA Piper’s recent report ‘Digital Transformation in Financial Services’ - which throws up some very interesting findings.
Not least that there’s been a massive shift in the mindset of the big players in traditional financial services. It has become clear that blockchain technology, cryptocurrency and challengers in the space are here to stay. And, as Martin says, it’s those countries, those big players, who try to ignore them out of out of existence who will ultimately be the loser. The financial services space is changing from one where the big players are guarding their backs to a space where collaboration and adoption of new technology has become the new normal.
The report covers the evolution of disruption; collaboration and investment and working with those who were previously competitor; the shifting landscape of regulation, payments and cryptocurrency; and cyber security - and how all of these are changing the face of traditional financial services.
Martin’s final comment: this is now happening and cannot be ignored. Those countries supporting innovation will do well; those who sit on it will be left behind.