The data from the consumer survey clearly shows that there is a real opportunity for banks and fintechs to work together in a model that aligns their interests with their customers’.

It shows that people are apathetic about the many small changes that come together to improve their financial situations but they are open to new solutions if delivered in the right context and that some demographics have a particularly acute need. It shows that concerns around privacy and security are real but that people balance those concerns against the perceived value that services offer. Finally, it shows that banks are uniquely positioned as a trusted partner in minimising the risks of security and privacy breaches.

This picture is mirrored in our survey of fintech leaders. The demand is there, the fintechs are working on new distribution models and recognise the opportunity that marketplace banks offer. The current state of readiness is enabling early use cases and the next 6-12 months will see big steps forward in the industry’s capacity to meet the latent demand. There are challenges around regulation and partnership but this too is an area where significant progress is being made.

Marketplace banks are coming and mass adoption is probably around 2 years away.

The question is, how will you prepare for it?