Fintechs have so far failed to overtake traditional incumbents and establish themselves as dominant financial services players, according to a new report.

The World Economic Forum and Deloitte study says disruptors have dictated the shape and pace of innovation.

But, crucially, they have been unable to convince significant numbers of customers to switch over from incumbents.

“Many fintechs came into existence with the goal of overtaking incumbents as the new dominant players in financial services, but they have shifted to building partnerships as they struggle with scale and customer adoption,” the report says.

It says the insurance sector is going through major disruption, and incumbent insurers are under pressure to adapt to changing technology and consumer behaviour.

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