VIDEO: The fintech battle is over

Think there is still a battle going on between banks and fintechs? It might be time to think again.

" The banks have changed, the banks have evolved.  The banks transform and so do the fintechs." Thierry Delaporte, CEO financial services CapGemini

VIDEO: The fintech battle is over

According to Thierry Delaporte from CapGemini, the financial services ecosystem has evolved to the point there is room for all players.

“The banks have realised there was not a world of fintech and world of the banks,” he told bluenotes on video. “The banks have changed, the banks have evolved.  The banks transform and so do the fintechs. I think it is one big ecosystem today that includes banks and fintechs.”

As CEO financial services and group executive board member for the global tech behemoth, Delaporte works with top executives around the globe on strategy, transformation, customer experience and tackling industry disruption.

He said there are two key insights to take from ‘enlightened’ banks in the ecosystem: they understand they are complex and run programs to drive simplicity and efficiency; they undertake large-scale transformation programs.

“They can mould their bank module-by-module, application-by-application, business line by business line,” he said. “Some are creating on the side a new bank, digital banks. There is not one single way to drive that.”

Delaporte also touched on what the banks making progress are actually doing. Watch the video above to find out more.

Jeff Kerr-Bell is a contributing editor at bluenotes

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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