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What’s next for personal financial services?


By Erin Shipley

Already there has been a huge amount invested in fintech in 2016, with investors funding close to $9 billion in January and February alone. It is a sector of innovation that shows no signs of slowing down, with companies tackling every part of the financial infrastructure, from savings and lending to credit and insurance to payments and money transfer.

If 2015 was the year of the great “Bank Unbundling,” with new companies dissecting the consumer banking experience to offer specialized services, it was also a year that saw the emergence of a new landscape of financialinfluencers taking a seat at the table.

Technology companies are increasingly vocal about their role in the finance ecosystem. It is telling that we are seeing organizations spring up like Financial Innovation Now, a policy group composed of companies including Amazon, Apple and Google — a hint that big banks are likely to be facing increasing pressure not just from upstart companies, but large, well-recognized brands with the reach and funding to offer a comprehensive suite of financialservices if (but more likely when) they choose.

So what does all this mean for consumers? We’ve identified what we believe to be the nextwave of innovation shaping the future of personal financial services.

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