OPINION
JP MORGAN PRIVATE BANK
TRANSFORMING FINTECH
David Stubbs, Head of Market Strategy & Advice at JP Morgan Private Bank has penned a detailed op-ed which takes an intrinsic look at the impact digital transformation has had on the already burgeoning FinTech sector.
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n a thought-provoking feature, Stubbs highlights the rapid increase in e-commerce
as consumers spending
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habits continue to evolve in an era being termed the ‘on-demand’ digital economy, where the potential opportunities are, and projects we will see more disruption in the industry in 2021. For years, cash transactions were favored by consumers worldwide, as 75% of them conduct most of their transactions in cash. Physical payments were deemed secure and reliable, and e-payments were deemed as a back-up and last resort. Even though this notion began to shift a few years back, it was the year 2020 that caused a major change of hearts. This year, 71% of consumers in the UAE reported an increase in using digital payments, even when shopping inDavid Stubbs Head of Market Strategy & Advice at JP Morgan Private Bank
store. For good reason, digital transformation has reached the financial industry and a FinTech revolution is surely on its way.
NOVEMBER 2020
www.tahawultech.com
