Preparing for the FinTech challenge-opportunity

A GlobalData survey has assessed how prepared firms are to meet the FinTech challenge – opportunity.

Only a minority of those working for financial services providers believe their organisation is adequately prepared to meet the fintech challenge, according to a GlobalData survey.

GlobalData’s online survey, conducted across a range of financial services professionals from C-Suite downwards, assessed attitudes towards the current and future impact of fintech upon incumbent providers, as well as how prepared firms are to meet fintecth challenges.

Respondents were asked to rate their organizations’ level of preparedness for dealing with the impact from fintech on a range of factors.

Even on the factor where respondents were most confident – management readiness/buy-in – well under half (42%) gave a score of four or higher on a five-point scale of preparedness. Over a quarter (28%) gave a rating of just one or two.

Other factors fared even worse. For example, only 28% were confident about the capabilities and expertize of their firm’s staff, and this was marginally outweighed by the proportion giving a negative rating.

This is potentially worrying, given that a successful transition is dependent upon competent execution by a firm’s employees.

More must be done by the financial services sector to prepare for FinTech challenges and opportunities.