PwC India FinTech Survey 2017

Redrawing the lines: FinTech's growing influence on financial services

PwC's insights on FinTech

FinTech has had a remarkable impact on the financial services industry in the past year. Financial services companies are realising the threat as well as opportunities that FinTech players bring, causing them to engage and redraw the lines that separate them. Financial institutions have begun to look inward, driving internal innovation through partnerships with FinTech companies, innovations and technological developments.

This report is based on the responses of over 45 senior financial services and FinTech executives from across the country. Explore our analysis of how FinTech and financial services are moving closer, with financial services evolving in response to FinTech.

Read the executive summary 

Read the full report

FinTech trends in India

Vivek Belgavi, FinTech Leader, India

loading-player

Playback of this video is not currently available

Click to share:
Tweet this:
Most Indian #financialservices cos. are concerned about losing business to #FinTech. Read http://pwc.to/2pzp5Xr #PwCFinTech

 

Key findings: Click on tabs below to explore

Businesses at risk from innovators

FinTech is the instigator of disruption and innovation in the financial services industry. Financial institutions are increasingly at risk of losing business to FinTech innovators, with 67% already feeling the heat.

Consumer banking and payments and funds transfers are the segments which are already witnessing disruption, with a maximum number of consumers already utilising the services of FinTech players in these segments. The rest of the segments—especially lending and wealth management—are poised to follow suit.

Innovation through FinTech Partnership

A whopping 95% of incumbents in the financial services industry believe that the innovation they seek can be brought about by engaging in FinTech partnerships.

The additional edge that innovative FinTechs, who are free from regulatory and legacy baggage, can provide through partnerships is something that incumbents are aggressively seeking to capture.

Financial institutions to embrace disrupation

To remain competitive in the volatile environment that is gripping financial services, a majority of the respondents in our survey say that disruption is at the heart of their strategy. They are seeking to innovate in myriad ways to stay ahead of the curve of FinTech disruption. Further, 84% of the respondents say that they are driving internal efforts to innovate through FinTech.

Blockchain moving out of the lab

Most of the financial services players are expected to adopt the blockchain in some part of their businesses in the next three to five years.

The three key areas that the blockchain will have a notable effect on are payments/funds transfer infrastructure, digital identity management and post-trade settlements.

Data analytics, mobile and artificial intelligence (AI) will emerge as the key FinTech capabilities

The focus for FinTech investments is slated to revolve around data analytics, mobile and AI. Data analytics and mobile are more contemporary capabilities that each player in the industry is spending on to remain competitive, However, several players are also focusing on revolutionary technologies like AI, cyber security, robotic process automation, biometrics and identity, blockchain and Internet of things.

Tweet this:
A whopping 95% of #FinSvcs players in India are looking to innovate w/ #FinTech #startups http://pwc.to/2pzp5Xr #PwCFinTech

 

Hear from our leaders

Our India leaders and FinTech experts share some insights and key trends from PwC's latest report Redrawing the lines: FinTech's growing influence on financial services (India FinTech Survey 2017).

InsurTech trends in India

Joydeep K Roy, Insurance Leader, India

loading-player

Playback of this video is not currently available

Click to share:

Security imperatives for organizations

Siddharth Vishwanath, Partner, Cyber Security

loading-player

Playback of this video is not currently available

Click to share:

FinTech and the role of the regulator

Harshal Kamdar, Partner, Tax and Regulatory

loading-player

Playback of this video is not currently available

Click to share:

Evaluating alternate credit risk models

Kuntal Sur, Financial Services, Risk and Regulatory Leader

loading-player

Playback of this video is not currently available

Click to share:

An evolving governance function

Vivek Iyer, Partner, Risk Assurance Services

loading-player

Playback of this video is not currently available

Click to share:

Contact us

Vivek Belgavi
Partner, India FinTech Leader
Tel: +91 6669 1734
Email

Hemant Kshirsagar
Principal Consultant, India FinTech
Tel: +91 9930 925 934
Email

Follow us