Survey reveals London market fear fintech is on the march
A survey of the London market revealed 60 percent expect the market to be either ‘greatly’ or ‘very’ disrupted by external companies such as Amazon, Google and Tesla over the next ten years.
The Gracechurch Consulting survey, in partnership with Barbican, also revealed 76% believe London Market disruption ‘very likely’ or ‘inevitable’.
Barbican strategy head Austyn Tusler: “It is clear from these findings that the London Market is set to undergo a period of unparalleled change over the next decade.
“Since our launch in 2007, Barbican has witnessed and been part of substantial market evolution, but the next decade will undoubtedly ramp up the speed of change significantly.”
Other findings include:
- Operational efficiency is considered the most likely area to benefit from innovation (65%), followed by risk selection and modelling, and customer experience.
- Machine learning (46%), blockchain (39%) and predictive modelling (25%) were considered the most exciting forms of innovation
- Nearly two thirds of survey respondents thought the biggest obstacle to innovation and modernisation was organisational culture (61%)
Barbican also announced a a year-long partnership with Imperial College London to research the factors which will shape the London market over the next decade.