Fintech explosion puts banks in digital firing line

By Eric Auchard – A report from the World Economic Forum (WEF), the Swiss-based corporate think-tank which runs the Davos summit of world leaders, says major disruptions lie ahead for the once highly profitable financial services industry.

“Pre-digital business models and processes will be rendered obsolete, and billions of dollars of value will shift to ‘new model’ suppliers,” the Santander (Santander InnoVentures) report predicts.

Rising investments in fintech start-ups globally are fuelling the challenge to entrenched players, with $12.2 billion plowed into such ventures last year, more than threefold the total of 2013, according to data supplied by research firm CB Insights. more>

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