News

August 16, 2016 4:14 pm

FinTech: Where do we go from here?

Recently, our president Steve Dunlap sat down with FinTekNews to take part in their "Three Questions" series. One of the key areas covered was where we are headed as an industry. As the DOL Fiduciary rule, and other challenges, continue to dominate the discussion in our space, we remain firmly committed to the "fiborg" concept.

Excerpted from the article, here are Steve’s thoughts on where we are headed…read the whole article here.

At FolioDynamix, we coined the term “fiborg” to encapsulate our view of the most impactful trend in our space – the merging of the human touch with technology.  For financial advisors, this means leveraging technology to make them better at what they already do and improve how they deliver their service and advice to their customers.  Robo is a poor analogy because robots generally replace humans, while cyborgs are technology-enhanced humans:  hence, the dawn of the fiborg.

This area of technology, enabling firms and advisors to adapt to or create new digital/analog hybrid service models, and enable online collaboration, innovative service models, asyncronous communications, and services that are enhanced by advanced analytics is the most significant growth area for fintech.  Most financial services are already delivered through financial intermediaries in some form, and providers need help re-imagining their service delivery models and the technology that supports them.  More significant changes are coming, and technology-enhanced service delivery is already table-stakes in other industries.  Traditional financial advisors are behind the curve, but as this segment co-opts the experimental technolgies pioneered by early-stage robo advisors and other innovators, the industry will blossom and grow as winners rise and find ways of serving digital natives while those that fail to adapt are left behind.

For an easy way to jump into the fiborg movement, find out more about FDx Complete…