Kausik Rajgopal, senior partner at McKinsey, said in an interview: inanıy We believe that we are at the end of the economic cycle and that banks should take bold steps because they are not in very good shape. In the last phase of the cycle, no one can afford to lose it. ”
In the decade since the global financial crisis, the financial service sector has experienced a number of innovations. Fintech startups Apple Inc. and Google of Alphabet Inc..
According to McKinsey, banks allocate 35 percent of their information technology budgets to innovation, while fintech companies allocate more than 70 percent. Considering that regulations facilitate entry into the sector, the environment is becoming more and more convenient for new companies to receive shares from banks.
The report includes Amazon.com Inc. in the United States. and Ping An in China, technology companies seized financial service customers, and moreover, new players, such as credit cards, banks are turning to the areas where the highest returns said.