FinTech as a Disruptor or an Enabler?
The emergence of FinTech as a disruptor to traditional financial services models dominates the conversation and yet a recent McKinsey report provides a different spin on this trend. As stated in the McKinsey report, the role of FinTech in retail banking and wealth management appears to be introducing alternative business models that are definitely disrupting traditional channels. In Canada we see this with Apple Pay, Wealthsimple and many others. But outside of retail and wealth only 12% of FinTech companies are viewed as disruptors. In most cases they are considered to be enablers or partners to corporate and investment banking. Our company has evolved over the last 5 years and many of our clients view us as a FinTech company. Most recently we have delivered a fully digitized cloud solution to address one of the most significant regulatory changes hitting wealth management in decades – Point of Sale. This solution has been an enabler – helping clients meet regulatory requirements while streamlining their disclosure process. Our business will continue to evolve to be a provider of innovative financial technology solutions that are focused on enabling our clients businesses – which means making their offerings simpler, faster and more profitable. So we like the label of FinTech as an enabler.