Article

Toward Digital Financial Services Ecosystems

Posted December 12, 2016 | Industry | Leadership | Technology | Amplify
Figure 2 — Emerging types of collaboration.

Digital transformation and technological innovation are reshaping the financial services sector. Today the sector is confronted with both large, established tech companies like Apple, Google, Amazon, and Facebook and small fintech startups that are moving into the financial services space. From a sector perspective, it is clear that a lot of the innovations focus on disintermediating the incumbent organizations. There is a clear move toward more decentralization and peer-to-peer (P2P) collaboration. Blockchain technology enables value transfers through a decentralized, P2P consensus process. International money transfers are drastically improved using P2P operating models, new P2P insurance solutions are created, and both lending and capital raising now take place on P2P platforms. 

About The Author
Bjorn Cumps
Bjorn Cumps is a Professor of Financial Services Innovation and Fintech at Vlerick Business School, with a passion for banking and technology. Dr. Cumps heads the Vlerick Centre for Financial Services, which focuses on sector-specific research. He sees technology as a great catalyst for change, inspiration, and innovation and strongly believes the new digital mindset will reshape our current financial landscape. That is why he is fascinated by… Read More
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