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Davos 2020 delegates urged to commit to FinTech

The delegates at the World Economic Forum in Davos need to urgently make big, bold commitments to FinTech this year, according to financial services and advisory organisation deVere Group.deVere Group, Davos

Nigel Green, Founder and Chief Executive of deVere Group, has said that world leaders, CEOs, academics, influencers and celebrities at the Davos resort must grab the opportunity to enhance the transformation of business.

“We’re living through a pivotal moment in history in which increased and advancing technology is monumentally and profoundly changing the way we live, do business, and interact with one another,” Green said.

He continued that there are seismic shifts happening in the financial services industry due to the emerging FinTech market, across mobile banking, investment apps, peer-to-peer lending, cryptocurrencies, robo-advisers and crowdfunding.

“The momentum and energy of this evolution now needs to be harnessed by delegates in Davos. They need to commit to FinTech by using their time, energy and resources for its research and development for three principal, positive reasons.

The deVere CEO noted that Davos 2020 is the ideal forum in which to unite the best political and business leaders to galvanise the positive potential of the FinTech revolution.

“First, it benefits society. FinTech can speed up the pace of global financial inclusion. It can provide access to financial services for millions of people who live in remote areas and/or who might normally not be able to use financial services because of historical biases of traditional financial companies. Helping individuals, firms and organisations successfully manage, save and invest can only result in better, stronger and more stable communities for us all.

“Second, FinTech offers companies the opportunity to be agile, to diversify, to cut costs, and to meet regulatory requirements all whilst improving the client experience. This will help them thrive in rapidly challenging times of change and disruption.

“And third, the revolution is happening with or without them. As consumers, we increasingly want all our financial services needs to be dealt with online and/or on their mobile devices. We demand personal service and instant access anywhere and at any time. This trend is only set to grow as we all become increasingly dependent on tech,” Green concluded.

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