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Fintech firms ready to challenge big bank technology

Innovative start-up fintech firms are working on a range of new technologies that will require major banking institutions to change the way they operate.

That is the message that came out of FinTech City London, an event created by Agenda and Icon Corporate Finance for financial services technology professionals.

Alex Scandurra, director of innovation strategy and business development at Barclays revealed that the way consumers interact with financial institutions is "drastically changing".

However, the things people do with money really have not changed in recent years, with saving, borrowing, investing and spending still the driving ideals.

According to the BBC, Mr Scandurra went on to say that with the growth of technology, such as digital and mobile, the barriers for smaller tech firms have been removed.

"Now we're seeing that teams of 10 to 15 people can actually take on the large incumbents all around the world," he concluded.

Barclays has been collaborating with a number of new fintech firms to help develop the financial technology of the future.

By Asim Shah