WASHINGTON DC (September 22, 2017) — As noted by the Washington Post, “Bankers are worried, and rightly so. In a letter to shareholders of JP Morgan Chase, America’s largest bank, chief executive Jamie Dimon warned investors that “Silicon Valley is coming.” Goldman Sachs, according to Inc., “estimates that upstarts could steal up to $4.7 trillion in annual revenue” from incumbent banks, a potential payday that is driving venture investors to pour nearly $25 billion annually into the sector.”
According to Accenture, “over the past five years, global financial technology (fintech) financing has grown rapidly, but the share of fintech investment directed at companies looking to compete against the financial services sector has remained relatively stable at 62 percent.”
In New York City, however, Accenture notes that explosive FinTech growth is “coinciding with a dramatic shift toward collaboration. As a result, NYC is quickly becoming the global center of a new kind of fintech innovation.”
