Head over to the WIRED Money 2015 hub for more coverage of the thought leaders and innovators speaking at this year's summit.
The entire banking industry can be disrupted for the better and bricks and mortar banks are "heading for tough times", according to Taavet Hinrikus, founder and executive chairman of TransferWise. "Every vertical in banking is a huge opportunity," Hinrikus told the audience at WIRED Money 2015. "As a consumer, I'm definitely waiting for what's going to come after banks."
Previously Skype's first employee, Hinrikus is now challenging the established financial industry and helping money flow more freely than ever.
TransferWise, the company he founded in London in 2011, is now worth more than $1bn (£649m) and already has a two percent market share in the UK. The company works by avoiding foreign exchange fees, making international money transfers less expensive.
TransferWise is currently handling more than £500m a month, saving customers £22m in fees per month. But Hinrikus has ambitious expansion plans.
He looks to Skype as an example of the disruption technology can bring. In a decade the firm, now owned by Microsoft, has snared 40 percent of the global market in international calling -- and Hinrikus believes similar success stories will soon be found in fintech.
While consumers "don't really care about fintech" -- or even know what it is -- Hinrikus believes disrupting the industry will be about making services more user-centric.
This article was originally published by WIRED UK
