The
WEF report says major disruptions are in store for many once highly profitable
financial services businesses and that the world's top banks and insurers are
being forced to review their business models amid rapid inroads by nimble
"fintech" start-ups, which are reshaping what consumers and
businesses expect out of financial services. The
research study, based on 15 months of interviews and workshops with executives from
financial institutions and fintech start-ups, joins a flood of recent reports
showing technology is eroding the bulwarks of the financial services industry
just as it did in areas such as travel and entertainment a decade ago.
