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Is Fintech Losing Its Soul to Spreadsheets? Why Innovation is Getting Left Behind
Financial institutions are prioritising cost-cutting and compliance over innovation, turning fintech into a tool for optimisation rather than transformation. Drawing on findings from CeFPro’s Fintech Leaders 2025 report, this article explores why banks are playing it safe – and what’s at stake if they don’t change course.
May 12, 2025
Mark Norman, Head of Content, Center for Financial Professionals
Tags:
AI and Technology (including Fintech)
The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization
- 0% of firms prioritize automation and efficiency over innovation in fintech investment
- Only 19%
view innovation and new revenue streams as fintech’s key benefit
- Regulatory
hurdles like the EU AI Act make firms cautious, especially with GenAI
- Risk-averse
cultures in compliance and operations favor cost-cutting tools
- Big Tech and
challengers are capturing innovation territory as banks hold back
- Smaller
firms focus on customer experience while larger firms chase margins
- Generative
AI potential remains largely untapped due to fear of compliance risk
- The “you
first” attitude delays bold fintech moves across the sector
- Institutions
must embrace calculated risk to innovate meaningfully
- The fintech
promise is being lost to a culture of caution and incrementalism
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