The role of FinTech in driving sustainability and inclusive practices in banking

The financial crisis of 2007 had a profound impact on the global banking industry by leading to a loss of trust and confidence in traditional institutions. This has created an opportunity for technology-centric firms such as challenger banks to emerge, offering lean- and technology-based structures that provide logistic and cost-efficient outcomes. While decentralised approaches based on the decentralised blockchain approach are yet to be proven as serious contenders for dominance in the retail markets, larger international banks can adopt the technology they use to streamline their processes and reduce their cost base. Additionally, the crisis has led to increased attention to sustainability and inclusive practices in banking, with sustainability and greening becoming a more integral part of a bank’s brand image.