What makes a successful FinTech hub in the global FinTech race?
Financial technology, or FinTech, refers to the application of disruptive technologies in the financial services industry. Although FinTech is not new, it has been under the spotlight in recent years as advances in exponential technologies and new business models have challenged existing products, services and processes, and enabled faster, cheaper or more engaging solutions to be created. FinTech innovations can come from both startups and incumbent financial institutions.
A FinTech hub is the focal point for FinTech activity within a region or a network. It is the ecosystem encompassing the entire infrastructure, organizations and people within the hub, as well as how those elements are organized and engage with each other. Hubs are often defined as cities, as is the case with this article, but can also be wider regions (e.g. Silicon Valley), countries, or narrower locations (e.g. Level39 in London).
Just as organizations have distinctive traits that differentiate them from competitors and peers, FinTech hubs possess inherent attributes that make them unique based on their history and local intricacies. However, as with organizations, there is a common set of identifiable and interrelating factors that contribute to the overall success of the hub.
In this article, we look at the key factors contributing to the success of FinTech hubs across the globe and draw a connection to the key factors that CIOs and management need to consider when creating an innovative environment in their organizations.
Inside Magazine EMEA Technology, November 2017
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
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