Currently, the business commercial banking segment is worth $1.85 trillion worldwide. Banks have estimated that around $500 billion of that sum is expected to be removed by third parties or FinTechs over the next five to seven years, however. A significant portion of this figure is supposed to come from paper payments that have moved into electronic form. According to CEO and founder of FI.Span, Lisa Shields, API in banking is what the future of banking needs to use. API stands for application program interface, which is a set of routines, protocols, and tools for building software applications. At the Desutsche Bundesbank G20 conference in Germany, it was reported that the desire for more choice, better-targeted services, and improved pricing for consumers were going to come through FinTech. Along with consumers, banks would also profit from FinTech with lower transactions costs, stronger operational resilience, and better capital efficiency. With the amount of money banks are looking to lose over the next five to seven years, it may be smart to start working with FinTech firms rather than keeping themselves separate.
https://www.cryptocoinsnews.com/fintech-can-help-banks-tap-500-billion-hole/f