Ushering in a new era

 
How will the rise of fintech impact banking and the business landscape?

With their potential to revolutionise the banking industry and payments market, fintech innovations are certainly a very exciting proposition. However, game changing technology is one thing; the challenge for fintech players would be in facilitating the widespread adoption of their product by partners and consumers – precisely because it is new and untested on the market.

Fintech players offering alternative payment modes in the consumer payments market, for instance, need to get buy-in from several groups of stakeholders: financial institutions, retailers and end-consumers. There needs to be a certain critical mass in the number of users across society for it to be considered a success – and to justify continued use by their partners.

This space is starting to get crowded. In the old days, consumers had only credit cards and Nets for cashless payments, but with digital wallets, Bitcoin and the like now, having too many options can become confusing for the consumer.

Ronald Lee
Managing Director
PrimeStaff Management Services Pte Ltd