Note from the Publisher: This is a great piece on how bankers have had to manage the grief cycle of fintech. The grief cycle was first coined by Elizabeth Kubler-Ross and includes denial, anger, bargaining, depression and acceptance, which this article says is what bankers are now dealing with from the onslaught of fintech coming their way, and how they now move forward.
“As a few fintech companies such as Lending Club, Betterment, and others have run into some rough patches lately, it has been interesting to note some of the reactions, especially among bankers (that’s just shorthand, I’m looking at you too, credit union leaders). Some have taken this news as indication that fintech was just a bubble after all, and it is finally popping.
I think a more pragmatic view is that fintech (and “innovation” in general) has simply moved down from the dizzying heights of the hype curve. That’s a good thing. It’s the natural progression of maturing technologies and sectors. It means that fintech is moving from wild, pie-in-the-sky fantasising to actual application with customers. Real companies are learning real lessons in the marketplace.”