Fintech is Disrupting Traditional BanksFeb 11, 2016 RainFin In the news Business Media Live , FinTech , RainFin
Technology has changed the way the world works, and has even disrupted one of the biggest industries in the world, traditional banking. RainFin has been instrumental in changing the way people look at banking – and we’ve been mentioned in a fascinating article from Business Media Live.
In recent months we have seen a surge in disruptive technologies moving in on the banking world. Between mobile wallets that don’t require a bank account to give you financial access (like Jumo), to people turning to platforms like RainFin to gain fair access to finance; if banks don’t keep up they risk becoming obsolete.
Technological advances and the rise of the internet and mobile phones have resulted in what is referred to as ‘the Uberisation’ of banking. And it looks as though banks are well aware of the threat to ‘business as normal’. Increasingly, banks are investing more money in fintech operations, like RainFin, to try and make sure they keep up with the market.
Barclays (who, last year, partnered with RainFin) are quite open about their desire to be a part of this financial revolution. Ashley Veasey, Barclays Africa’s Chief Investment Officer was quoted as saying ‘We are actively looking to partner with [fintech] start-ups’.
International communications firm Burson-Marstelle recently released statistics on the factors considered to be the biggest points of crisis during the past 12 months. Interestingly the most encountered problem was ‘controversial company developments’ with the entry of new innovative business models coming in second. This shows that the disruption of banking is being felt keenly in the traditional banking world.