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In opening remarks at IFGS 2017, Deloitte's Senior Partner and UK Financial Services leader, James O'Riordan, noted that in the past, FinTechs have had the largest impact in segments in the value chain that are high in profitability, and where customer experience can be improved by technological innovations.

Today, however, FinTech activity has been expanding rapidly, and FinTechs have begun providing holistic offerings, including transactional banking, robo advice, and money management tools. This has been enabled by three forces: changes in customer preferences, advances in technology, and pro-innovation regulatory environments.

"FinTech continues to expand right across the marketplace. You only have to look at this growth, and the spread to know that FinTech is not a one-off"

Why is FinTech so critical? It brings opportunity. But the FinTech revolution also presents opportunities and disruption.

It "encourages movement of talent and people, it encourages a more diverse workforce, it drives competition, it enhances choice, it promotes financial inclusion, it breaks down barriers to change and innovation, it breaks down barriers to entry, and most importantly, it challenges us."


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