Once considered disruptive and revolutionary, the evolution of fintech in Europe over the past half decade has meant the ‘us versus them’ narrative that pitted fintechs against incumbents no longer applies, according to the European Institute of Innovation and Technology (EIT Digital).
Competition remains, but collaboration prevails, in an emerging ecosystem of diversifying players with increasingly integrated services. Fostering innovation while managing risk remains the challenge for regulators, and in mapping the evolution of fintech in Europe, EIT Digital poses four potential scenarios for the future.