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The PwC 2016 Irish FinTech Survey

Fintech at heart of strategy for 70% of Irish FS firms, survey reveals

Results from PwC's Irish FinTech survey, which assesses the rise of new technologies in the financial services (FS) sector and their impact on market players, revealed that almost 70% of Irish business leaders in the sector confirm that they are putting FinTech at the heart of their strategy.

The survey is a locally-focused report based on PwC's global FinTech survey (1), which featured the responses of over 500 global business leaders across the FS industry in 46 countries, including over 50 in Ireland. It assesses the rise of new technologies in the financial services sector, the potential impact of FinTech on market players and their attitudes regarding the latest technological developments.

According to the survey, Irish respondents feel that they are doing better than their global counterparts in terms of customer centricity with nearly two-thirds (65%) confirming that they consider themselves fully or very customer centric (Global: 58%).

Key business areas where FinTech is having an impact in Ireland are meeting changing customer needs (63%) and leveraging data analytics (48%).

PwC Ireland's FinTech leader, John Murphy, said: “FinTech is transforming the FS industry across all sectors. PwC estimates within the next three to five years, cumulative investment in FinTech globally could well exceed $150bn, and financial institutions and tech companies are vying with one another for a chance to get part of the action.

"As the lines between traditional finance, technology firms and telecom companies are blurring, many innovative solutions are emerging and there is clearly no straightforward solution to navigate this FinTech world.”

The report is based on the insights provided by respondents comprising CEOs, heads of Innovation, CIOs and top management involved in digital and technological transformation across the FS industry in the areas of Payments, Asset & Wealth Management, Banking and Insurance. The survey also gathered information from other companies such as consultants, national supervisory and international financial institutions.

Malcolm Craig, senior manager in PwC's Advisory Consulting department said: “The main impact of FinTech will be the surge of new financial services business models, creating challenges for both regulators and market players. By focusing on incorporating new technologies into their own architecture, traditional financial institutions will continue to play a central role in the new world of financial services.

"The local FinTech companies already appear to be starting to find a niche in the global market. The Irish results show material deviation in approach from their global counterparts in that they appear more focused on operational efficiency and less so on the end customer experience, thereby differentiating the Irish FinTech proposition.

“The survey further suggests that Irish companies have a greater understanding of the risk faced by FinTech companies and this awareness may be driven by Dublin’s reputation as a digital hub. Similarly, Irish companies also show a greater desire to respond to this threat and have access to the skills required through the depth of local technology talent. This recognition and the results which indicate Irish companies are putting FinTech at the heart of their business strategies show the local financial services industry is ready to take-on and lead the FinTech sector.”

Murphy concluded: “Given how fast technology is developing, incumbents cannot afford to ignore FinTech. Nevertheless, our survey has shown that a sizeable 27% of Irish firms do not deal with FinTech companies at all (Global: 25%). With the pace of change now intensifyings, no FS business can rest on its laurels.”

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Les médias du groupe Finyear

Vendredi 3 Juin 2016

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