If you want to understand what is happening, follow the money. For banking and financial services, this points to a long-term shift in how we think about and use money. Boston Consulting Group this year flagged a long-term trend concerning money, payments and financial services moving from traditional banking to new fintech services. The report estimates that fintech services will jump from 2% of global financial services revenue to 25% by 2030, which equates to $1.5 trillion in annual revenue.
To build these applications, any supplier has to meet stringent security, privacy and availability requirements. When you are dealing with cash, payments or other financial transactions, there is no excuse for unplanned downtime. Companies have to look at where they can build reliable services for customers. Their trust is hard to gain: According to Forrester, more than half of U.S. customers said they had low trust in their financial services provider, while NetApp (via Finextra) found that 60% of U.K. customers did not trust their bank to protect their data.
To succeed here, you must be reliable from a technology standpoint and meet expectations around quality and speed while understanding how people react to your service. This is based on a combination of factors ranging from the emotional response that you create based on your design to technical aspects like uptime and performance.