The “Uber moment” banks are facing

According to a recent study from Accenture, more than $50 billion has been invested in almost 2,500 financial technology start-ups since 2010 as these innovators are reshaping the way in which we store, save, borrow, invest, move, spend, and protect money.

Furthermore, the report pointed out that the value of global fintech investment in 2015 grew by 75% to $22.3 billion, mainly driven by deal-flow across continental Europe and Asia-Pacific (APAC), and that the year-on-year growth affirmed the sector’s position as the hot ticket item in financial services. In other words, there are signs which confirm that the industry is getting to its maturity.

To put this in perspective, considering that with 85 million millennials coming of age — 67 percent of which rely on mobile banking — there are no doubts, experts argue, the banks that don not have a mobile-first mind-set will be left behind.

This explains why large banks are going to be more collaborative with technology disruptors as to effectively make a shift toward a more advisory role leaving behind transactions which will take place more and more on platforms and try to prevent a 30% reduction in employees expected by 2025 just in the American market.

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