Final Tech Report HD - Flipbook - Page 10
Where do you see the current Financial
Services landscape in Ireland and how has
and will it change with technology?
To answer this we can take a look at how much other
traditional industries have been disrupted by companies that
are now house-hold names. These disruptors took a market
that was overlooked and underestimated as having the
potential for innovation. Take the likes of Airbnb, the world’s
largest online marketplace for offering or arranging
accommodation and yet it owns no real estate. While these
EOIN GREENE
CTO, CURRENCYFAIR
examples are open to interpretation given the sheer global
impact of these companies, I believe they provide key insights
into the future of Fintech and what the banking sector will
look in the future.
Looking ahead, I can imagine there being two types of
"What we are already starting
to see in the Fintech and
Banking sector is partnerships
and API integrations to 3rd
party providers becoming more
and more prevalent."
companies operating in financial technology: A ‘Customer
Owner’ type company that has a relentless focus on user
experience, extreme personalisation, brand, mobility and
will operate above a thin layer of API’s largely provided by a 3rd
party ‘service provider’ company. This “Service Provider”
company will enable a ‘Customer Owner’ to provide an
extensive range of products through service aggregation.
This type of “Service Provider” company is becoming more
prevalent in the Fintech and Banking Sector. What we are
already starting to see in the Fintech and Banking sector is
partnerships and API integrations to 3rd party providers
becoming more and more prevalent. Platforms and processes
that are hugely expensive to maintain, manual in nature, and
with an associated fear of change ‘because its been working for
30 years and we are now sure how or why’ for the incumbents
must now be replaced, as threat from the new challengers
becomes too large and existing business models combust.
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