Digital Disruption Has Arrived In FinTech

Digital Disruption Has Arrived In FinTech

Digital Disruption Has Arrived In FinTech

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ClearBank, the first new clearing bank to be authorized in the UK in over 250 years launched on February 28th. This is one of the most exciting new FinTech launches with significant implications for the financial services ecosystem, though I must warn readers and openly confess to being a geek.

Whilst there has been business model innovation in FinTech segments such as payments, remittance, FX and peer to peer, these plays have focused on delivering more usable, convenient and better value propositions to consumers than incumbents, using the existing incumbent financial services infrastructure, or “rails” as we geeks like to call it.

Blockchain, Distributed Ledger, Artificial Intelligence, and Identity technologies all promise to deliver technology enabled disruption, but appear to be slow out of the starting blocks with adoptable and scalable use cases. There has not been a lot of FinTech technology ‘disruption’ in the Clayton Christensen sense of the word, that is until ClearBank.

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