{"id":3000035165,"date":"2021-05-13T17:01:00","date_gmt":"2021-05-13T21:01:00","guid":{"rendered":"https:\/\/www.wework.com\/ideas\/?p=3000035165"},"modified":"2021-07-30T11:48:56","modified_gmt":"2021-07-30T15:48:56","slug":"how-innovation-is-transforming-the-financial-sector","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/research-insights\/how-innovation-is-transforming-the-financial-sector","title":{"rendered":"How innovation is transforming the financial sector"},"content":{"rendered":"\n

Digitization has fundamentally transformed the financial services industry. That shift has compelled legacy institutions to evolve their playbooks to be more responsive to consumer needs. It\u2019s also led to a crop of innovative startups<\/a> offering digital-first services to customers around the globe. According to research from UBS<\/a>, the global revenue for financial technology (\u201cfintech\u201d) firms is expected to grow from $150 billion, in 2018, to $500 billion, in 2030. <\/p>\n\n\n\n

The COVID-19 pandemic has only accelerated those trends. According to a BCG study<\/a>, mobile banking usage grew by 34 percent between February and June 2020, while banking at branches declined by 12 percent. There\u2019s a growing appetite and expectation among customers that their banks meet them where they are\u2014which is increasingly on a smartphone or laptop.<\/p>\n\n\n\n

At the WeWork Innovation Summit<\/a>, WeWork\u2019s global head of financial sales, Nick Giraudeau, moderated a conversation between three leaders about the innovation happening in the financial sector. The panelists spoke about the challenges both fintechs and legacy institutions are facing, and what the future of financial innovation will look like.<\/p>\n\n\n\n

Watch the full recording of the panel here<\/a>.\u00a0<\/p>\n\n\n