This Week in Consulting

Friday, May 11th, 2018

Everything Fintech Innovation


“Fintechs have changed how financial services are structured, provisioned and consumed, but have not successfully established themselves as dominant players. Many fintechs (small, technology‐enabled new entrants) came into existence with the goal of overtaking incumbents as the new dominant players in financial services – but have shifted to building partnerships as they struggle with scale and customer adoption.”

Fintechs have defined the direction, shape, and pace of change across almost every financial services subsector. While they may not dominate the industry today, they have laid the foundation for future disruption. This Week’s Must Read features a report from the World Economic Forum and Deloitte, which explores the transformative role of fintech and other disruptive forces on the financial services industry. The report uncovers eight disruptive forces that have the potential to shift the competitive landscape of the financial ecosystem. You will also learn how these forces are impacting the financial services industry, including insights from seven industry segments: payments, digital banking, lending, insurance, market infrastructure, investment management, and equity crowdfunding.

Read on to Find out More: “Beyond Fintech: A pragmatic assessment of disruptive potential in financial services”, featuring Rob Galaski, Peter Pearce, Wilson Zhang from the World Economic Forum and Deloitte.

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Fintech and new ways of operating money has brought a significant paradigm shift in our lives. Kai Ren describes the multi dimensions to manage such shift through a mindset change.


  • Cognizant Acquires Belgian Advisory and Analytics Company Hedera Consulting: Cognizant has acquired privately-held Hedera Consulting for an undisclosed fee. The purchase of the company specialising in business advisory and data analytics services further expands Cognizant’s consulting, business insight and digital transformation capabilities for clients in the EU | Cognizant Press Release
  • RSM Expands NetSuite Capabilities with Acquisition of Explore Consulting: RSM has added Explore Consulting to its US-based NetSuite capabilities. With strong presences in the e-commerce and retail industry, Explore Consulting is already well positioned in markets which RSM has been keen to permeate for some time. | PR Newswire
  • Management consultancy Axis Corporate partners with FinTech firm Aicura: Challenger banks are increasingly putting traditional institutions under pressure with agile operational models, however they should not be blindsided to further digital transformation in order to maintain their own growth. In order to tap into this demand, Axis Corporate and Aicura have announced a partnership designed to help Banks on their change journey. | Axis Corporate Press Release
  • Regulatory Consultancy Medius joins Elixirr’s Financial Services Practice: In response to increasing market demand, rapidly growing consultancy Elixirr has completed its second acquisition with a deal for Medius. The regulatory consultancy will bolster Elixirr’s financial services practice, with the firm’s founder and a team of consultants joining the wing. | Consultancy uk


  • Fintech’s Golden Age: Competition to Collaboration: As fintechs move from competition to collaboration, Wall Street has a unique opportunity to advance. Collaboration, and eventually real adoption, has the potential to fundamentally change the banking ecosystem.  | Robert Gach, Maria Gotsch, Accenture
  • Security Challenges in the Evolving Fintech Landscape: While fintech has grown rapidly and offers several advantages such as substantial reduction in costs, improved customer retention and differentiation of financial institutions from the competition, it presents its fair share of threats and uncertainties. Security and privacy are top threats to the rise of fintech. | Siddharth Vishwanath, Amol Bhat and Abhishek Chhonkar, PwC
  • Fintech by the Numbers -Incumbents, Startups, and Investors Adapt to fintech Evolution: From disruptive threat to enabling partner, fintech has entered a new phase of its evolution. In our first report in a three-part fintech series, we track the development of the fintech market and examine how banks, insurers, and investment management companies are tackling fintech transformation initiatives.  | Kenny M. Smith, Jim Eckenrode, Deloitte Consulting
  • Consumers Benefit from Fintech Boom -How Can Banks Profit?: Data and analytics are starting to transform retail banking as standardized APIs and data-enabled product comparisons become mainstream. The impact on banks that fail to react could be huge, but customers will benefit from a range of new services that could transform the way they manage—and even think about—their money. This article looks at how the transformation is progressing.  | David Branch, Alix Partners


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Hélène Laffitte is the CEO of Consulting Quest, a Global Performance-Driven Consulting Platform and author of “Smart Consulting Sourcing”, a step by step guide to getting the best ROI from your consulting. With a blend of experience in Procurement and Consulting, Hélène is passionate about helping Companies create more value through Consulting.

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