Established banks and financial players are quickening the pace of innovation in the FinTech space, according to Luca Raffellini, director of business and financial services at Frost & Sullivan.
Speaking at the Global Community of Growth, Innovation and Leadership (GIL Europe) conference, held in London today, Raffellini discussed the current state of the UK’s FinTech scene and its future evolution.
During his keynote speech, titled ‘The Future of FinTech’, the director attempted to dispel the idea that the term only covered venture capital-backed startups.
Startups, he said, are part of the FinTech environment. “When we talk about FinTech we are also referring to financial technology [in more general terms],” he added.
“The large incumbents are not standing still, there is an impetus for them to react,” said Raffanelli, adding that a lot of capabilities in banking were being poured into artificial intelligence and bitcoin’s underlying technology, blockchain....