New PwC Research Finds Tech and Financial Services Converging

In its latest Global Fintech Report, PwC finds that established financial institutions have shifted from competing with fintech startups to partnering with them. PwC finds that 82% of incumbents it surveyed plan to increase collaboration with fintech companies over the next three to five years.

Fintech startups are looking to partner with large incumbents to increase their client base.  Established finance companies, meanwhile are partnering with innovative startups so they can offer the latest fintech innovations to their customers.

PwC’s survey also found:

• 88% of incumbents are worried they’re are losing revenue to fintech startups;
• 77% plan to increase internal innovation;
• 30% are investing in artificial intelligence;
• 77% expect to adopt blockchain technology in some form or another by 2020.