FinTechs and their disruptive impact on the financial service industry

Finance

Digitalization is changing markets and traditional business models at neck-breaking speed.

This is why FinTechs and their disruptive impact on the financial service industry play a crucial role in our programme at the Global Female Leaders Summit 2016.

Why FinTechs and their disruptive impact on the financial service industry play a crucial role in our programme at the Global Female Leaders Summit 2016.

Digitalization is changing markets and traditional business models at neck-breaking speed.

FinTech start-ups are aiming to disrupt financial institutions with their technology, products and also their design. And obviously they are very successful in doing so as global investments in FinTech ventures tripled from $ 4.05 billion in 2013 to $ 12.21 billion in 2014. These figures clearly show the digital revolution in FinTech is well advanced which poses both a threat as well as an opportunity to the traditional finance industry.

Innotribe launched as an early FinTech innovation initiative by SWIFT (Society for Worldwide Interbank Financial Telecommunication) in 2012, has already started to look into more specified FinTech issues. In June 2015 Innotribe issued a research paper about an aspect of FinTech with growing importance titled “Bridging the gender diversity gap in FinTech”. The paper highlights the reality of today`s situation in FinTech but also provides recommendations how to achieve and accelerate greater gender balance in the industry. On a positive note it contains an index of 400 Power Women in the FinTech industry.

The financial industry has rather been lagging behind in the dynamic global digitalization process. What we see now is a FinTech revolution that is not just a hype lacking substance. The figures over the last 5 years show that FinTech has grown into a powerful sector of the financial industry. But again as in most areas of today`s business life the challenge of closing the gender gap will be vital to this industry’s lasting success.

As an annual economic summit gathering leading female executives, entrepreneurs and thought leaders from around the world, The Global Female Leaders acknowledges FinTech as an essential theme of vital interest to our high-profile audience.

“From being a senior executive in Fortune 500 companies to being the CEO of one of the world’s first FinTech banks is one big challenge but the most rewarding experience of my career. At Starling we are a challenger bank with a difference, challenging the financial services model, challenging the incumbent banks and, above all, challengingmyself to lead an organisation like no other.”

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