The following is an excerpt from GAURAV SHARMA | August 28, 2017 | ibtimes.com |
Financial institutions' drive to become more "experience-driven" is opening the door to potential competition from global technology giants, according the World Economic Forum.
In a report published last week, the WEF said the challenge to banks and insurers is down to large technology firms "hollowing out the value proposition of these institutions" by carrying out more core functions, even as banks and insurers lean ever more heavily on them to compete.
The report, titled "'Beyond Fintech': A pragmatic assessment of disruptive potential in financial services," also notes that fintech start-ups, while achieving success in terms of changing the basis for competition, have had less impact than expected in disrupting the competitive landscape.
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