More than two-thirds of businesses identify collaborating and partnering with fintechs as the preferred approach for traditional banks in the future, according to research from Barclays Corporate Banking.
This attitude is particularly strong in Europe (72%), and the US (71%), where the approach from established financial services players is changing towards a clearly stated desire to work together with fintechs, according to the official press release.
China is expected to see the biggest rise in payment innovation in the next five years, with 45% of Asian companies ranking it as the most likely source of future innovation, along with 40% of European companies. Even the US, which was the only region to select itself as the most obvious hotspot for future innovation (selected by 34% of companies), ranked China as the second most probable source (chosen by 25%).
While still in the shadow of China, India ranks in the top three as a future source of payment innovation across all three regions, with 21% voting for it in Asia, 12% in Europe and a further 10% in the US.
Global attitudes towards cybersecurity also emerged as an area of focus. 53% of all professionals surveyed identified that their companies did not have a robust approach to cybersecurity, yet only 23% of respondents felt that investing further in this area should be a priority. More than a quarter (27%) of respondents also felt that their companies could be doing more to educate colleagues on cybersecurity.
Financial services companies in Asia were the least confident when it came to approach the issue, with only 37% expressing confidence in their own cybersecurity defences (compared to 54% in Europe and 47% in the US). However, they were also leading global efforts to enhance cybersecurity protections – with over a third (35%) of respondents in Asia seeking to increase education on cybersecurity, and one in four (26%) looking to enhance their investment in this area.
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