Banking

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Financial technology (often shortened to fintech) startups and other new businesses have been working to break the hold traditional banks have on the financial services industry for more than a decade — and now it appears to be finally paying off, according to a new report from consultancy Accenture. New entrants to the banking market — including challenger banks, non-bank payments institutions, and big tech companies — have captured around one-third of new revenue, Accenture said. The picture is mixed around the world, however, with regulation and local incumbents making it far harder for fintech firms and new companies to break into markets in some countries, the report, which looked at some 20,000 banking and payments institutions across seven markets, found.

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