Note from the CEO: To fight or not to fight? Be stubborn or embrace? Well, the fintech “revolution” is going to happen (actually is) so banks are seeing fintech as an opportunity………not a threat. Good idea. Remember propeller airliners? Remember steamboats (probably not)? Hello opportunity.
“‘Silicon Valley is coming,’ warned Jamie Dimon, JPMorgan Chase’s boss, in a recent letter to shareholders. It’s a sentiment echoed across much of the banking world at the moment.
The idea that fintech is a threat to the financial services sector is bubbling – a 2015 PwC survey found 83% of financial services professionals were worried about losing business to upstart fintech companies.
There is no doubt that fintech has been a disruptor across the financial services industry. The former chief executive of Barclays Bank in the UK has described the technology as an ‘unstoppable force’ and he’s right – the fintech revolution has taken hold, but contrary to common concerns, it is not a threat. It is one of the greatest opportunities for banks to change the way they deliver services and products in the application economy.”