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  "documentTitle": "Redrawing the lines: FinTech’s growing influence on Financial Services",
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      "text": "Figure 7: Challenges for FinTech companies and incumbents",
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      "text": "Percentage of respondents citing challenge: 58%",
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      "text": "Integration will not come easily. There are factors that pose challenges to FinTech companies and incumbents. Differences in management and culture, as well as regulatory uncertainty and legacy technology limitations, are identified by both as being major challenges to working together (see Figure 7). Changes in management and culture concern the business as a whole. By adapting to a more innovation focused culture, incumbents can faster adapt to the ever-changing market. Financial Institutions labour behind a system of checks and balances that can stifle the innovation process, while FinTech companies are generally able to adapt more quickly due to technology advantages and a lack of bureaucracy.",
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      "kind": "quote",
      "text": "Innovation is happening outside of the organisation, with emergent technologies being leveraged by startups, and if Financial Institutions want to speed up their innovation they need to significantly increase their collaboration with FinTech companies",
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      "text": "Traditional Financial Institutions are too slow in implementing things. For a startup it takes no time to adapt to new circumstances and make changes accordingly. Incumbents take forever. Integrating with them is a nightmare because they lack the culture, know-how, and they lack the incentive.",
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      "text": "Traditional Financial Institutions are too slow in implementing things. For a startup it takes no time to adapt to new circumstances and make changes accordingly. Incumbents take forever. Integrating with them is a nightmare because they lack the culture, know-how, and they lack the incentive. - CEO of a Latin American FinTech company",
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      "kind": "source-note",
      "text": "Source: PwC Global FinTech Survey 2017. Note: The percentages at the sides of the graph indicate the change from 2016 to 2017",
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