{"id":5092,"date":"2020-05-20T23:32:43","date_gmt":"2020-05-20T15:32:43","guid":{"rendered":"https:\/\/www.indataipm.com\/?p=5092"},"modified":"2025-03-21T13:57:51","modified_gmt":"2025-03-21T21:57:51","slug":"the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges","status":"publish","type":"post","link":"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/","title":{"rendered":"Fintech and Traditional Finance: The Convergence of Two Worlds"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column]\t\t\t<div class=\"grve-element grve-social grve-social-large grve-align-left\" style=\"\">\r\n\t\t\t\t<ul>\r\n\t\t\t\t\t\t\t\t\t\t<li><a href=\"mailto:?subject=Fintech and Traditional Finance: The Convergence of Two Worlds&amp;body=Fintech and Traditional Finance: The Convergence of Two Worlds: https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/\" title=\"Fintech and Traditional Finance: The Convergence of Two Worlds\" class=\"grve-social-share-email grve-icon-envelope\"><\/a><\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/\" title=\"Fintech and Traditional Finance: The Convergence of Two Worlds\" class=\"grve-social-share-facebook grve-icon-facebook\"><\/a><\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/\" title=\"Fintech and Traditional Finance: The Convergence of Two Worlds\" class=\"grve-social-share-twitter grve-icon-twitter\"><\/a><\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/\" title=\"Fintech and Traditional Finance: The Convergence of Two Worlds\" class=\"grve-social-share-linkedin grve-icon-linkedin\"><\/a><\/li>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t<\/ul>\r\n\t\t\t<\/div>\r\n\t\t[vc_row_inner][vc_column_inner][vc_column_text]\n<h2><img decoding=\"async\" class=\"alignright wp-image-5644\" src=\"https:\/\/www.indataipm.com\/wp-content\/uploads\/2019\/02\/0-150x150.jpg\" alt=\"Dave Csiki headshot\" width=\"116\" height=\"116\" srcset=\"https:\/\/www.indataipm.com\/wp-content\/uploads\/2019\/02\/0-150x150.jpg 150w, https:\/\/www.indataipm.com\/wp-content\/uploads\/2019\/02\/0-300x300.jpg 300w, https:\/\/www.indataipm.com\/wp-content\/uploads\/2019\/02\/0-80x80.jpg 80w, https:\/\/www.indataipm.com\/wp-content\/uploads\/2019\/02\/0.jpg 400w\" sizes=\"(max-width: 116px) 100vw, 116px\" \/>The Convergence of Traditional Financial Services and Fintech: Opportunities and Challenges<\/h2>\n<p>&nbsp;<\/p>\n<p>During the past year, several acquisitions of software providers within the fintech space by large banks and holding companies have the potential to shape the industry and the way software is deployed &amp; used by money management firms. Whether they be RIAs, fund managers, wealth management firms, hedge funds, or pension funds, large banks and financial services conglomerates are getting into the software business. They bet that they will be able to provide monolithic solutions to their clients that deliver fully integrated workflows from front-to-back office, which will make their custody and outsourcing clients more efficient, allowing them to mutually gain market share over their rivals. While this proposition seems compelling, several industry trends are emerging, which may present challenges to what might seem like an emerging paradigm.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=&#8221;30px&#8221;][vc_column_text]\n<h3 style=\"color: #60abc4;\"><strong>Fee Compression<\/strong><\/h3>\n<p>Money management firms are experiencing fee compression, which is driving their focus towards cost containment. The physical manifestation of this is the increased number of mergers within the asset management space. This presents a challenge to the large bank\/software provider model since their acquisitions will require extensive cross-selling within their client bases to attain an ROI. If you are a money management firm experiencing fee compression, do you want to increase your spending on software systems? Not really. If anything, you are looking to reduce costs, and monolithic solutions are not very good at doing this. These providers will either need to charge more upfront or, more commonly, charge more on the back end in terms of higher custody or outsourcing fees. Either way, costs are costs. They take away from the bottom line, and money managers are already pressed to the top line.[\/vc_column_text][vc_column_text]\n<h3 style=\"color: #60abc4;\"><strong>Specialization<\/strong><\/h3>\n<p>Software systems that are good at doing everything in general terms are often bad at doing anything in particular very well, which destroys the efficiency argument. A system that has great functionality in a given area may be weak in other aspects, each of which has its own needs and is ever-changing. Additionally, a system that is ahead of the curve today in a given area will likely be behind the curve tomorrow as industry priorities change.[\/vc_column_text][vc_column_text]\n<h3 style=\"color: #60abc4;\"><strong>Innovation<\/strong><\/h3>\n<p>Another challenge to the large bank\/software provider model centers on innovation. Technology is ever-changing, and often, when a software provider sells out, it is because they are at the end of their innovation life cycle. The seller bets that by using the financial resources of the larger backer, they will continue to be able to innovate and keep up with technology to continue growing market share. A number of the recent acquisitions by banks\/conglomerates of software providers have a fundamental problem: They have large client bases, with clients on differing software versions, which make technology upgrades more difficult. If you look at what their clients are actually using, these software systems do not fit this model. The future of software is based on web, <a href=\"https:\/\/www.indataipm.com\/ipm-cloud\/\">cloud<\/a>, and open APIs, leveraging productivity tools like big data analytics and <a href=\"https:\/\/www.indataipm.com\/indata-ipm-portfolio-architect-ai\/\">Artificial Intelligence (AI)<\/a>. Companies like us are always innovating and able to effectively navigate the complex landscape that large banks are unable to handle.[\/vc_column_text][\/vc_column][\/vc_row][vc_row section_type=&#8221;in-container&#8221;][vc_column][vc_row_inner css=&#8221;.vc_custom_1615483018564{padding-top: 25px !important;padding-bottom: 47px !important;background-image: url(https:\/\/www.indataipm.com\/wp-content\/uploads\/2011\/03\/IND-194-website_company_testimonial-img.png?id=2421) !important;}&#8221;][vc_column_inner css=&#8221;.vc_custom_1615482533394{padding-left: 30px !important;}&#8221;][vc_empty_space][vc_column_text]\n<h2 style=\"color: #ffffff; text-align: center;\">Looking for Innovative Financial Solutions?<\/h2>\n<h2 style=\"color: #ffffff; text-align: center;\">We can help.<\/h2>\n[\/vc_column_text]<div class=\"grve-element grve-align-center\"><a class=\"grve-btn grve-btn-small grve-square grve-bg-primary-1\" href=\"https:\/\/www.indataipm.com\/contact\/\" target=\"_self\" style=\"\"><span>REQUEST A QUOTE<\/span><\/a><\/div>[\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space height=&#8221;30px&#8221;][vc_column_text]All of these factors call for an alternative model to the large bank\/conglomerate\/one-size-fits-all approach.\u00a0\u00a0 Instead of monolithic systems, money management firms as well as challenger banks and custodians should consider looking at individual and specialized fintech solutions that can provide an ecosystem of functionality linked by APIs.\u00a0\u00a0 In this model, the whole is much greater than the sum of the individual parts and innovation as well as competition will continue to shape these solutions so that they evolve with changing client needs, not to mention that they typically result in a reduction in total systems cost which is gained from switching from large providers to individual specialists.[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text] The Convergence of Traditional Financial Services and Fintech: Opportunities and Challenges &nbsp; During the past year, several acquisitions of software providers within the fintech space by large banks and [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":5130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"_stc_notifier_status":"sent","_stc_notifier_sent_time":"2022-09-22 08:02:26","_stc_notifier_request":false,"_stc_notifier_prevent":false,"_stc_subscriber_keywords":"","_stc_subscriber_search_areas":"","content-type":"","footnotes":""},"categories":[100,41],"tags":[],"class_list":["post-5092","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-blog-articles","category-technology","post_format-post-format-image"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Convergence of Traditional Financial Services and Fintech<\/title>\n<meta name=\"description\" content=\"Large banks and financial services conglomerates are getting into the software business. 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Find out what opportunities and challenges lie ahead!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/\" \/>\n<meta property=\"og:site_name\" content=\"INDATA\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-20T15:32:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-21T21:57:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.indataipm.com\/wp-content\/uploads\/2019\/02\/iStock-871068074-e1550869252548.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1963\" \/>\n\t<meta property=\"og:image:height\" content=\"1251\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"David Csiki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@indataipm\" \/>\n<meta name=\"twitter:site\" content=\"@indataipm\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Csiki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/\"},\"author\":{\"name\":\"David Csiki\",\"@id\":\"https:\/\/www.indataipm.com\/#\/schema\/person\/31ac2144f306e999a05ada27d5434beb\"},\"headline\":\"Fintech and Traditional Finance: The Convergence of Two Worlds\",\"datePublished\":\"2020-05-20T15:32:43+00:00\",\"dateModified\":\"2025-03-21T21:57:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/\"},\"wordCount\":821,\"publisher\":{\"@id\":\"https:\/\/www.indataipm.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.indataipm.com\/wp-content\/uploads\/2019\/02\/iStock-871068074-e1550869252548.jpg\",\"articleSection\":[\"Blog Articles\",\"Technology\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/\",\"url\":\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/\",\"name\":\"The Convergence of Traditional Financial Services and Fintech\",\"isPartOf\":{\"@id\":\"https:\/\/www.indataipm.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.indataipm.com\/the-convergence-of-traditional-financial-services-and-fintech-opportunities-and-challenges\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.indataipm.com\/wp-content\/uploads\/2019\/02\/iStock-871068074-e1550869252548.jpg\",\"datePublished\":\"2020-05-20T15:32:43+00:00\",\"dateModified\":\"2025-03-21T21:57:51+00:00\",\"description\":\"Large banks and financial services conglomerates are getting into the software business. 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