Traditional financial institutions and insurance companies are like sleeping giants and it's time for them to wake up to fintech disruption, according to Drew Graham, Director of Fintech Strategy for Standard Chartered Bank.
"They've got to go from minus 10 to 0 because they've been asleep for 30 years," said Graham of the digitization effort required for large companies to be able to handle disruption from fintech upstarts.
"We, as an industry, have to do a lot more… if you look at the industries in retail, media, advertising, communications and transport, they have all been completely destroyed or reinvented by software," he said.
"What we don't talk about is that many of the companies knew that they needed to change, but weren't able to change quick enough - my belief is that the financial services industry is actually exactly the same."
Graham was speaking at the Digital Transformation in the Financial Services and Insurance Sector webinar hosted by Econsultancy, along with Stephanie Myers, VP of Customer Experience for Prudential Assurance and Econsultancy's Research Analyst APAC Jeff Rajeck.