For a very long time now banks have had to compete primarily with other banks. These were the times of mass branch openings, bold marketing campaigns, and ongoing competition for the highest interest paying accounts.
In 2015 FinTech became not just “a” buzzword but, arguably, “the” buzzword and this shows no signs of changing.
Now direct competitive pressure for banks is not only coming from other banks, but from thousands of FinTech start-ups and powerful tech giants with enough capital to cherry pick the most interesting areas of banking to leverage their own business models and millions of customers.
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