Banks are expected to spend more on technology in the coming year, with the cash earmarked for things like upgrading mobile apps and adding self-service tech in branches.
The once-icy relationship between banks and fintechs thawed quite a bit in the last year. The next step might be for banks to start buying startups.
» Companies to Watch
Our FinTech Forward Companies to Watch are helping banks step up their game by offering virtual assistance, better money management tools and other solutions.
» Investment Cycle
Funding of startups will cool overall, but venture capitalists anticipate growth in new areas of financial services that are ripe for innovation, including wealth management, insurance and back-office operations.
» Regulatory Front
For regulators to develop a unified framework for fintech companies to operate in, they first have to come to a consensus.
» Major League
It's hard to sell a big bank something regardless of the tech company's size. But for early-stage startups with only a handful of employees and a product still under development, the challenge is far greater than for seasoned tech vendors.
There were bound to be growing pains in the friendship between banks and fintech. Bankers plugged into the world of innovation give their advice on overcoming the challenges.
» Behind the Rankings
Companies climbing the FinTech Forward ladder lead on issues banks care about most — including mobile, omnichannel and big data.
2016 Fintech Rankings
About FinTech Forward
FinTech Forward, a collaboration of American Banker and BAI, brings together the research, media, and event capabilities of bankings top two professional information and education organizations. The initiative includes the annual FinTech Rankings of technology vendors to the financial services industry and new proprietary research and market analysis conducted by BAI and American Banker to identify the forces and trends that are motivating banks technology investment.