Has Fintech Overpromised And Underdelivered?

Despite the significant buzz surrounding the transformative power of fintech, it would be fair to say that it hasn’t swept the financial sector as quickly as anticipated. However, the prospect of change remains immense, promising a powerful but slower wave of transformation than seen in other industries.

A key reason lies in the very nature of financial industries. These are heavily regulated sectors that have been entrenched for decades, if not centuries. They operate with legacy systems, both in terms of technology and processes. Changing these systems is not as simple as introducing a new app or gadget. It requires navigating a complex maze of regulations, ensuring security and trust, and often, overhauling deeply ingrained corporate cultures.