Almost 50 percent of financial services firms around the world plan to acquire fintech startups.
Furthermore, eight out of 10 institutions foresee making strategic partnerships with peer-to-peer lenders. These fintech companies include digital money transfer platforms and myriad other firms that are reshaping the business of money.
It seems that fear may be motivating finance leaders as much as the desire for innovation. PwC polled 1,308 financial services managers worldwide for a study. As a result, PwC found that four of five banking executives worry they will lose revenues to independent financial technology firms.
If banks do embark on a shopping spree, that could be a windfall for venture capitalists. For example, last year, there were 51 acquisitions or initial public offerings of fintech firms.