Industry NewsMarkets & Economy

World Economic Forum report: Lenders are having ‘Uber moment’

Traditional lenders should embrace fintech disruption to solve customer pain points -- or be left behind

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Twenty years ago, if you wanted to take a vacation, you visited a travel agent to explore your options and make your arrangements. But when websites like Expedia and Travelocity made those services available at the click of a mouse on a computer in the comfort of your own home, the travel industry was forever changed. That’s the crossroads currently facing banks and other stalwarts of the financial services industry as fintech companies, or companies that use software to provide financial services to customers, are starting to disrupt consumer lending as we know it, according to a new report by the World Economic Forum. The report, “The Future of Financial Services: How Disruptive Innovations Are Reshaping the Way Financial Services Are Structured, Provisioned and Consumed,” examines how new technology startups are changing the financial services industry, and how these disparate players can actually work together to better serve the needs of customers. The Switzerlan...