Start-up creation in the sector also slowed dramatically in France, Germany and the UK, according to French finance publication Les Echos.
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“There are signs that the financial sector transformation promised by these actors is stalled,” Accenture said in a recent report. “The technological breakthroughs are real, but many fintechs are struggling to scale up.”
Some start-ups have developed truly innovative technology “but have failed to capture the market,” Accenture said. Meanwhile, disruptive technologies have managed to fragment the financial services market, Les Echos reported.
“Early warning signs of the collapse of an integrated financial service provider model are appearing in the rate schedules of asset managers or private banks,” Accenture said in its report.
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