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KPMG finds few firms have fintech strategy

Fintech focus: attendees at KPMG in Bermuda's Fintech Summit at Elbow Beach last month (Photograph by Blaire Simmons)

Only 13 per cent of attendees at KPMG in Bermuda’s Fintech Summit last month said their company had a fintech strategy in place.

However, another 46 per cent said they had a fintech strategy in development and 96 per cent believed fintech would impact their industry within the next three years.

Those were some of the findings of a poll taken among delegates at the one-day event at the Elbow Beach resort.

Also, 57 per cent of attendees’ organisations are considering robotic process automation initiatives, while 77 per cent are not planning anything. And 44 per cent of attendees said their firms are using compliance automation technologies today.

“Part of the challenge in developing a fintech strategy is having an appreciation for the art of the possible,” Charles Thresh, managing director and head of advisory for KPMG in Bermuda, said.

“Helping our clients get clarity around what problems they are trying to solve and aligning that with what tech solutions may be available is what we do.”

The May 31 event was designed to bring together organisations in an effort to provide a better understanding of the fintech landscape including blockchain, realities of automotive regulatory compliance, robotic process automation and data analytics.

More information on the poll results is available at https://goo.gl/8ZhfSW