Woodford IM: Fintech's 'quiet revolution' against UK financials is underway

Fund manager Paul Lamacraft said while financial firms have appeared "relatively resilient" to technological developments which have rocked the retail sector, fintech companies are "nipping at the heels of the big banks and are set to bite out increasingly large chunks". "By disrupting traditional industries, tech-based newcomers can take swathes of market share from old-fashioned incumbents," he wrote. "Much of this is done through disintermediation, cutting out the middle man. "A quiet revolution is already underway. Fintech start-ups are not trying to replace banks and insurance co...