From the 13th to the 15th of June, Alfa Consulting was pleased to welcome the Financial Services Industry leaders from our Cordence Worldwide partner firms in United States, United Kingdom, Germany, and France to look at how we can enhance our services to our clients in the Financial Services Industry.
Alfa Consulting has led a collaboration between member firms to help provide a comprehensive overview of the services that we can offer to support our clients through digital disruption. Alfa presented this work to its partners, so that we can understand how we can support our clients as they face the impact of digital disruption on their business models.
In previous months, Cordence Member firms have been running roadshows with presentations from Financial Institutions, Fintechs and Cordence industry specialists in Frankfurt, Paris, London, Charlotte and New York. At the meeting the team reflected on the experience of working together and the insights from the sessions, around how to make digital tangible in large financial institutions and the impact of the rise of Fintechs.
In this particular case, Cordence member firms have been researching the growth of Fintechs across North America and Europe. During the summit, we were able to pool that research to have a comprehensive view of the current state of development and predicted growth rates in various countries. These are the main figures:
- Global investment in companies exceeded $22 billion in 2015 (from $9.6 billion in 2014 to $22 billion in 2015): a 75% increase
- US (world’s largest sector) a 44% increase
- China: a 445% increase
- Europe: a 120% increase (driven by Germany)
Consequently, Cordence member firms are working with clients on this key issues:
- How to improve their digital banking (online/mobile apps etc.)
- Launch independent/vertical businesses
- Introducing digital innovation into all activities of value chain
In addition to this, in Germany we have set up a Fintech radar service to create filter and obtain a monthly report on the Fintech panorama.