A recent study shows that a growing number of start-up companies are using Peer-to-Peer solutions, Social Media and advanced Data Analytics to develop products, manage risk, and improve services in the Financial Services industry — mostly in payment transactions, with some advances in credit and risk scoring areas.

While it appears that they are mostly staying away from large corporations and institutions for the time being, the study suggests that Banks should be monitoring innovations from five types of players:

• Business-model disruptors
• Process Innovators
• Technology Start-ups outside the financial sector
• Digital Banks, and
• Platform attackers from other industries, such as e-tailing.

The study results suggest that some of these innovations might radically reinvent banking or improve how banks currently do business. For the detailed report go to: http://goo.gl/Gk3tFG