Rise of fintech has Irish financial firms worried

Three out of four Irish financial services companies believe their business is at risk because of the burgeoning fintech industry, a new report has found.

The majority of Irish financial services firms are bracing themselves for revenue losses of up to 40% over the next five years, according to the PwC’s report on fintech.

Financial technology, known as fintech, is said to describe the fast-growing fusion of financial services such as banking or accounting with innovation such as online banking. The fintech industry has seen investment grow from €850m in 2008 to €11bn in 2015, according to an Accenture survey.