Beyond fintech: a pragmatic assessment of disruptive potential in financial services : part of the future of financial services series

"The report suggest that fintechs have materially changed the basis of competition in financial services, but have not yet materially changed the competitive landscape. They play a critical role in defining the pace and direction of innovation across the sector but have struggled to overcome the scale advantages of large financial institutions. Other key findings of the report include: 1) Platforms Rising: Platforms that offer the ability to engage with different financial institutions from a single channel will become the dominant model for the delivery of financial services; 2) Financial Regionalization: Differing regulatory priorities, technological capabilities, and customer needs are challenging the narrative of increasing financial globalization and making way for regional models of financial services suited to local conditions; 3) Systemically Important Techs: Efforts by incumbent financial institutions to emulate the core capabilities of large technology firms will lead to an increasing reliance on those same large technology firms." -- Extracted from website. " relief with unintended effects on financial stability."--Abstract