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Most businesses expect losses due to new fintech

Over 70 per cent of Irish businesses expect revenue losses of up to 40 per cent over the coming years as a result of innovation in the financial technology (FinTech) sector.

A report from consultancy Price Waterhouse Cooper (PwC) shows that over three-quarters of Irish financial institutions expect to increase internal innovation efforts over the next three to five years. However, only 46 per cent admit they’re good at commercialising those ideas.

IT security concerns rate highly among financial services firms with 58 per cent saying they plan to invest in cybersecurity in the year ahead – 26 percentage points above the global figure.

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