On the positive side, fintech firms are often obsessed with being customer-centric, focusing on the needs and pains of the customer, and providing simplified, convenient, on-demand digital services. As has been noted by Professors Chuen and Teo, given their ‘legacy-free and asset-lite’ operating models, fintech firms can innovate speedily through agile approaches.
2 And while there are inefficiencies in any financial service value chain, fintech firms can address these by applying exponential technologies and finding new and innovative ways of providing services.