This sponsored post is produced in association with Yodlee.

Join us for this live event on Tuesday, October 7 at 10 am Pacific, 1 pm Eastern. Register here for free.

With changing demographics and technology morphing by the minute, the financial industry is undergoing a seismic shift — and taking the major FI’s kicking and screaming with it. Simply put, the millennials’ technological smarts (and expectations) combined with the development community’s remarkable innovations into fintech have collided head on with the grip traditional banks have held for so long. And opened up tremendous opportunities with it.

In 2013 alone, private fintech companies raised nearly $3 billion in funding — more than tripling the $930 million invested globally in 2008. And as a result of this convergence, the industry is more focused on innovation than at any time in its history.

The emergence of cloud computing, open software, easier access to computing power, and big data/analytics all mean that it is easier for small, innovative technology startups to quickly turn their ideas into marketable products.

While all this technological change is happening, a new generation of banking customer is also emerging and creating a new challenge for the banking sector. Millennials are seen as more conservative and less trusting of banks than baby boomers and Gen Xers[1]. Instead, they are increasingly drawn to emerging financial technologies and non-bank services that are at the forefront of change in this sector.

At long last, traditional FI’s have woken up and smelled the coffee. They’ve been in a stagnant rut for the past 15 years. Startups with more engaging UI’s are stealing customers, and if they are to have any chance at staying relevant, they need to recognize they have to loosen their grip. What was once unthinkable is now taking place – allowing outside innovators to integrate new technology into their existing infrastructure.

Join Yodlee Interactive and a panel of experts on October 7th at 10 am PT/1 pm ET for an animated roundtable discussion on how the development and startup community is poised to capitalize on the transformation now exploding in the fintech sector.

Panelists & Moderator:

VC: Rich Karlgaard – Publisher of Forbes and Co-Founder of Garage Technology Ventures

Entrepreneur/CEO/VC: Sonny Singh – Chief Commercial Officer at BitPay

Yodlee Interactive: Joseph Polverari, Chief Strategy & Development Officer, Managing Director, Yodlee Interactive

Moderator: Wendy Schuchart, Editor and Analyst, VentureBeat

Register here for free.

[1] http://newsroom.accenture.com/news/millennial-investors-more-conservative-less-trusting-of-financial-advisors-than-b-by-boomers-and-gen-xers-according-to-accenture-survey.htm (“Generation D: An Emerging and Important Investor Segment,”)

Sponsored posts are content that has been produced by a company that is either paying for the post or has a business relationship with VentureBeat, and they’re always clearly marked. The content of news stories produced by our editorial team is never influenced by advertisers or sponsors in any way. For more information, contact sales@venturebeat.com.