The automation that tech will bring to finance will help banks be able to reap larger profit margins, thanks to the cost savings of fintech. Many experts feels that digital payments will begin to blur the lines between technology and finance, as companies continue to push the limits of using technology to streamline financial information systems.
One huge benefit of the added technology is the fact that fintech can handle large amounts of data easily, allowing the ability to make credit decisions not only better but more quickly than ever before. A possible concern for people currently in the industry is that employment will most likely decrease in finance/banking due to the bulk of the work being done by technology. Furthermore, the jobs that do exist will be very different than the present, as you will most likely need an MIS background along with accounting/finance in order to be successful.
Last, as many other blog post have discussed, banks Implementing blockchain will allow for a reduction in costs thanks running ledger that is auto generated and keeps all history of digital transactions. Looking into the future, I think while competition will increase initially, long term, there will be consolidation in the industry, because only the companies that master fintech the best will last.
Link to article: https://www.ft.com/content/2f6f5ba4-dc97-11e6-86ac-f253db7791c6