Technology is revolutionising conventional financial services, and disruption is occurring at an exponential rate. Goldman Sachs projects an estimated $4.7 trillion in revenue and $470 billion in profits from the traditional banking marketplace is at risk of being displaced by FinTech (Financial Technology) companies.1 JPMorgan CEO Jamie Dimon cautioned shareholders in 2014 that “Silicon Valley is coming.” And not just Silicon Valley: FinTech hubs have emerged and are flourishing in New York, London, Paris, Berlin, Singapore, Hong Kong, Nairobi, Jerusalem, and other tech hotspots across the globe.

FinTech is not only considered to be a disruptive force to the banking status quo, it is also viewed as an “equalising” medium which has the potential to introduce financial services to the estimated 2.5 billion people across the globe without access to basic banking accounts. M-Pesa’s success in Kenya (where over 70% of adults utilise the service), is a case which demonstrates the positive economic and social impact that can arise from successful FinTech solutions. The continued push for digitisation of transactions, mobile, and IoT (internet of things) are all driving forward anew age of banking.