While fintech has made headway in consumer banking, commercial applications have remained a little behind the curve. However, more professionals in finance are looking to fintech providers for technological innovation, a survey by TD Bank released yesterday found.
About a third of the 340 financial professionals polled, or 31% of respondents, said they were looking to fintech providers to provide solutions in areas such as treasury management.
This compares with just 23% of respondents who were looking to develop “in-house” solutions for competition, and only 15% of participants who stated that they were looking to hire more “tech-savvy” employees to solve the issue.
Financial professionals are also looking to apply some of the same technologies to commercial areas as they have to consumer banking, all citing automation, artificial intelligence, and blockchain technology as the top three areas that would have the biggest impact on the commercial space in future years.
Take a look at the full survey here.
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