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People need banking; they don’t need banks. Enter “FinTech” - software that provides financial services.

I think the banks are very scared.

Stephan Lamprecht, Venture Solutions

Financial technology, also known as FinTech, usually refers to software that provides financial services.

FinTech companies are often start-ups founded with the purpose of disrupting incumbent financial systems and corporations.

The Money Show’s Bruce Whitfield interviewed Stephan Lamprecht (Consultant in Innovation Management and Commercialisation at Venture Solutions) for his weekly “The Science Of” feature.

Scroll down for quotes from the audio below.

An ATM is also financial technology.

Stephan Lamprecht, Venture Solutions

Players who aren’t banks are moving into the banking environment. The resources, however, are still slanted towards the banks.

Stephan Lamprecht, Venture Solutions

Disruption will come from entities that are not banks.

Stephan Lamprecht, Venture Solutions

I wouldn’t necessarily say banking is under threat.

Stephan Lamprecht, Venture Solutions

Banking is not going to be around in the long-term.

Stephan Lamprecht, Venture Solutions

Up to 50% of South Africa’s population remains unbanked.

Stephan Lamprecht, Venture Solutions

The Big Four banks find it difficult to compete with the simplicity that Capitec Bank brings to the market.

Stephan Lamprecht, Venture Solutions

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Article brought to us by Old Mutual.

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