Fintech is one of the Wall Street buzzwords of 2015.
The term refers to financial technology, and more specifically the rise of tech-savvy startups that are taking on traditional financial businesses in everything from payments to wealth management to lending.
It is fair to say there is a lot of hype out there about the potential for fintech to replace established businesses. Startups are attracting ever-higher valuations, and Wall Street firms are clamoring to get involved with emerging technologies like blockchain.
Antony Jenkins, the former CEO of Barclays, in November laid out the potential for an Uber-style disruption, which could shrink industry headcount at traditional banks by as much as 50%
In a speech in London, he said: “The incumbents risk becoming merely capital-providing utilities that operate in a highly regulated, less profitable environment, a situation unlikely to be tolerated by shareholders.”
Autonomous Research, a financial sector research firm, and Procensus, which measures consensus estimates, carried out a survey of 150 financial industry professionals and investors to gauge the sentiment towards fintech.
It turns out, Wall Street isn’t really that worried about an Uber moment. The findings, copied below, show that only 14% of respondents think that such an event is on the horizon, and that not far short of half of respondents, or around 42%, are pretty much meh on the threat of fintech.
As for blockchain, a quarter thought that it would be meaningfully disruptive.
Here is a slide on the findings:
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