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In the past decade, the financial industry has been faced by numerous challenges. These challenges are largely caused by the global financial crisis of 2008 and the technological progress that encourages the development of a digital banking system. Regulatory barriers on several applications of technology in the finance services industry have limited the effect of fintech in the industry. However, over the years, fintech disruption has been a main factor of consideration among many leading banks around the world as they seek to change their business structure to meet the current market demands. There are different fintech solutions that have existed and continue to be created as people seek to use technology to increase efficiency in their banking and financial services. According to the 2016 CGI Global 1000 outlook, “over 70% of leaders cite the rising influence of consumers’ digital behaviours. Customers expect personalized and seamless digital experiences across channels, with banking, retail and consumer services, and communications.” Fintech solutions offer borrowers, investors and businesses with faster, cheaper and straight access to capital for their various undertakings, making them highly competitive compared to the traditional lenders. Nowadays, consumers seek to avoid the middleman when performing transactions, a solution that is offered through technology.

Some of the FinTech concepts CGI cited that consumers’ value and demand were as follows: security, personal financial management solutions, mobile payments, personalized digital experience, bartering services, alternative currency, mobile cash-flow manager, and robo-advice. These solutions all seek to reduce the process of making various financial transactions. The most important concept that consumers look into is the security of their data and money when choosing a FinTech solution. Consumers also seek the efficiency of monitoring their financial information through their devices, make payments through their mobile devices, personalized services for products they would prefer. The implications of these concepts mean that banks will need to restructure their personnel, service packages and the product range they offer to consumers to ensure that they meet the rising demands and remain competitive in the industry.

The demand for alternative currency is a challenge whose effect on the financial sector has not been fully understood. However, there is an increasing demand that consumers would like a digital currency that is secure to use in real-time and can be used for transactions that transcend borders.

Globalization is one of the main factors that encourage consumers to demand for a unilateral currency for use across borders. In 2017, the rise of crypto-currency like Bitcoin caused fear in the financial industry since the currency was not bound by the regulations that govern operation of financial institutions. Regulatory entities also need to adjust their regulations to allow consumers to enjoy the efficiency of alternate currency which promotes e-commerce and globalization. The regulatory entities need to come up with new regulations guiding how the currency can be used in different countries across the globe.

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