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Technologists at the Gate of the Financial Service Industry?

Joseph Walent by Joseph Walent
October 27, 2017
in Analysts Coverage
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Cisco and IoT Technology: The Building Blocks behind IoT Payments

Cisco and IoT Technology: The Building Blocks behind IoT Payments

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The expanding popularity of mobile banking underlies that increasing level of encroachment traditional FIs are experiencing, as consumers are conducting more of their day to day tasks remotely at their convenience through digital mobile communications technology. Those technology oriented firms that have been central in the facilitation of moving more of our daily tasks to digital avenues possess the means and the mindshare needed to make seismic shifts in the old financial services order. These tech hubs have yet to make a direct assault on U.S.  financial institution business.

China may offer a glimpse of what’s to come. Fintech company Alibaba’s affiliate Alipay overtook PayPal to become the world’s largest mobile payments platform in 2014. Meanwhile, digital giant Tencent is offering a range of financial services through its WeChat messaging software.

Mercator Advisory Group contends the decentralized banking system of the U.S. will make it more difficult for tech firms to replicate the advances realized in other markets. We also recognize the regulatory system has afforded a disincentive to tech firms, effectually restraining their plunge into the financial services market. However, the as vertical integration to generate consistency in customer experience and insights on individual consumers becomes more important, the tech hub players will seek more direct or indirect control and access.

Overview by Joseph Walent, Associate Director, Research Services at Mercator Advisory Group

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Tags: Customer RetentionFinancial ServicesMobile Banking
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