Covid has accelerated the shift to digital in the financial services industry.
Conventional wisdom has it that fintech and big tech will be the big winners in this new normal. Many believe that these tech-driven entrants will own the high-value segments (customer acquisition and engagement) and the incumbents will be left holding the low value segments (back-office) and risks (balance sheet).
We believe that it is too early to declare winners or losers. And that five key battlegrounds will determine who wins.
In our opinion, winners will collaborate across the ecosystem, provide tangible value through customer centric products and services and navigate the future by continually adapting their business models. And that while fintech and big tech seem to have an edge, don’t count the incumbents out.
In this report, we explain the key battlegrounds, where opportunities lie for different players, and how Firstsource can help.