How open source is fuelling an explosion in fintech innovation
The open nature of fintech is a clear break with traditional financial services. Where incumbent businesses have complex legacy IT systems – often developed over decades – the new fintech companies are small and agile, using open services to build their applications.
As consumers have continued to embrace digitisation in every part of their lives, they are driving the digitisation of the financial services they use, with payments leading the way.
The open technologies that fintech services are built upon are new and speak to the new age of financial services in the palm of consumers' hands.
"Fintech firms are establishing themselves not only as significant players in the industry, but also as the benchmark for financial services," states Ernst & Young in its Fintech Adoption Index.
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