In a recent report by Accenture global investment in financial technology also known as fintech tripled from £2.72 billion in 2013 to £8.18 billion in 2014. This investment is more than three times the rate of general venture capital investments.
Although the United States still dominates when it comes to financial technology investment, Europe in fact saw the biggest increases with the UK and Ireland accounting for 42% of the European total with London looking set to become the global fintech capital of the world. This is being attributed mainly to its position as a world leading centre for financial services amongst other reasons.
A spokesperson for fintech innovation has heralded these increases as evidence that the digital revolution is well advanced in financial services although in a survey involving senior banking executives a high percentage indicted that the time taken to implement new technology is too slow which is impacting their ability to realise value and can lead to providing no benefit at all. In an effort to remedy this many banks have indicated that they are willing to work with organisations outside of their industry in order to better implement new technologies.
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