PricewaterhouseCoopers: Concerned that business is eroded, and 84% of payment companies are transitioning to financial technology
The latest "Global Financial Technology Survey 2016" report released by PricewaterhouseCoopers shows that 90% of payment companies have been found through surveys of 544 CEOs, CIOs, and senior managers of technological innovations in 46 countries. It is believed that 25% of its business will be taken away by Fintech (finance and technology) companies before 2020, and because of this, 84% of payment companies have already put the development of Fintech as a top priority, with 35% of the payment. The company has created its own Fintech subsidiary. Only 4% of payment companies have not yet involved Fintech's business.
The Fintech field also includes payment companies, but unlike the traditional payment in the financial industry, the former will be supported by technologies such as big data and blockchain to create a decentralized and efficient cross-border interbank payment platform, and can analyze large amounts of data. Increase other business. Traditional payment companies are most concerned that their business is being seized by Fintech. To meet this challenge, they either acquire Gold Fintech startups or create their own subsidiaries to master the technology while investing heavily in cyber security and anti-fraud.
According to reports, as consumers continue to demand more payment efficiency, and payment barriers continue to break, existing payment companies are increasingly receiving pressure from margins. Shi Ruihua, partner of PricewaterhouseCoopers China Financial Technology, said that in China, mobile applications and mobile payments are very popular with consumers. Many fintech companies are trying to increase revenue through the payment platform. PricewaterhouseCoopers predicts that between 2013 and 2020, the number of non-cash transactions will increase by 69%, equivalent to more than 1 million transactions per minute.
At the same time, relevant consumer transaction data has a very high value for the company. Through these data, the company can push more targeted financial services and products to consumers. In other words, companies need to find a balance between short-term return and long-term investment, which is a major issue for management.
Ji Ruihua said, "Although the financial technology used by Chinese companies may be subverted, at the same time we should see potential opportunities, especially for third-party payment companies, if these companies can understand the changes in customer needs and take With rapid and innovative solutions, these companies will benefit from this wave of technological innovation."
However, with the continuous spread of electronic payments, cybercrime and fraud will also spread further. This is why payment companies believe that the most critical industry trend at the moment is to develop advanced tools and technologies to protect consumers from cyber security attacks and fraud.
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