The ‘Big Four’ global accounting firms PricewaterhouseCoopers (PwC) , Deloitte , Ernst & Young (EY) and KPMG have all been trying to figure out which way Financial Technology (FinTech) is heading. As such they have been publishing articles and reports and trying to provide the world with an analysis of where the nascent financial technology industry is heading. These accounting firms are important mainly because they service, in one capacity or another, most of the world’s companies and provide insight and shape opinion of industry leaders across myriad of sectors. It is interesting to see how they foresee the impact of FinTech on the financial sector. While some of the ‘Big Four’ think that Fintech might be the next best thing since sliced bread, others seem to take a dim view. Earlier this summer, they announced a meeting with the American Institute of Certified Public Accountants where they are set to discuss the establishment of a distributed ledger consortium . Deloitte, Ernst & Young, KPMG and PwC will be looking at various Blockchain solutions for the accounting sector just as the R3 Consortium – which has over 50 members – has been doing for the financial sector. Deloitte – A Party Pooper Deloitte is the second largest accounting firm out of the ‘Big Four’ and raked in US$ 35.2 billion in revenues in 2015. The company takes a negative view of FinTech overall and see’s the FinTech industry as a disruptor. The company has published a report titled ‘ Fintech – Disrupting the way we bank ’. This report is targeted at the Australian market and looks at how various service providers are putting a spanner in the wheels of the big banks in the country. This includes payment platforms, internet giants, p2p lenders, payday lenders and credit decisioning […]
