Fintech’s Third Wave

Note from the CEO:  Surfs up! As all surfers know the best wave is the third one. That’s the one that you wait for and it will be the best ride. Same in markets and fintech. Here is a case that the third wave in fintech will be working together, or partnerships, and not just disrupting. Working together and collaborating will be a real game changer. Now, let’s hit the beach.

“Earlier this year, I wrote that “Fintech Is Hot, But The Demise Of Traditional Banking Has Been Greatly Exaggerated.” In that piece, I argued that the fintech startups that managed to eventually partner with traditional banking, rather than try to disrupt it, would be the ones to emerge victorious in the long-term.

I received a fair amount of pushback at the time, particularly from fellow fintech startups who felt that their work would displace traditional banks and fundamentally shake up the status quo. Now, however, major players in the space are starting to come around to my point of view.

Jeff Gido, Goldman Sachs’s Global Head of Fintech, recently spoke about the evolution of fintech and why he believes the coming “third wave” of innovation will drive the long-term change that people have been predicting.

The “First Wave”: Responding to an industry in crisis…..
The “Second Wave”: The big players take notice…..
The “Third Wave”: Working together for a better tomorrow”

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