From our foray in 1997, with what could well have been the world’s very first end to end, web based FX trading platform (Velocity), here at JPL we love FINTECH.
Some really extraordinary work is being done here all over the world. On current trajectories, we expect that the global financial services landscape will be barely recognisable in 10 years. And it’s for the most part being reshaped by bright minds from the digitally nimble, totally unencumbered with heavyweight legacy baggage – read technology, infrastructure, organisational structures and of course, people.
Opportunities to be ushered in as a consequence of the recently legislated “Open Banking Standards” alone, will abound. The legislation provides for not just third party access to (bank) client data but a requirement of the banks to implement an open standards based API to facilitate uptake and accelerate adoption. Cunning FINTECHS anywhere can plug into traditional banks, mine the data and build or link to entirely new services for consumers. How good is that?
This alone represents an extraordinary wealth of opportunity. Opportunity that will ignite a spark of game changing innovation all around the world. This innovation will redefine the term “collaboration” and branch along both a vertical integration path (accelerating refinement of existing models and services) as well as a horizontal diversification path. The second path is the really interesting one.
Commercialise, monetise, globalise - we’re actually pretty good at it...