China will be king for innovation in the next 5 years – Barclays research

Barclays reveals the views of nearly 2,000 financial services leaders in the world on collaboration, innovation, and cybersecurity

future innovation

China will be king for innovation in the next 5 years – Barclays research. Source: shutterstock.com

According to Barclays research, China will be the leading country for innovation over the next 5 years. The survey revealed that 45% of Asian firms ranking it as the most likely source of future innovation, along with 40% of European firms.

At the same time, India ranks in the top 3 as a future source of payment innovation across the regions, with 21% voting for it in Asia, 12% in Europe and a further 10% in the US.

The study found that only 37% of Asian financial services firms expressing confidence in their own cybersecurity defenses, compared to 54% in Europe and 47% in the US. However, 35% of respondents in Asia seeking to increase education on cybersecurity, whereas 26% looking to enhance their investment in this area.

Our research results reveal the wide range of global trends currently developing within financial services, centered on the idea of transition. As traditional banks look set to collaborate with FinTechs for mutual benefit, and innovation continues to be driven from locations dispersed all over the world, what is clear is that in this fast-moving environment successful business models will need to adapt rapidly and reflect regional sentiment and opportunities. Our dedicated global fintech team is ready to embrace this increasingly well-connected ecosystem, and help our clients succeed
Phil Bowkley, Global Head of Financial Institutions Group, Barclays Corporate Banking

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