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WHY Report

April 14, 2016

Are Fintechs Helping Banks Evolve – or Planning a Revolution?

Until now a combination of regulations and public uncertainty has enabled the financial sector to avoid the upheaval and collapse experienced by other industries as a result of the digital revolution. But “the risk for the banks is that they turn into ‘dumb pipes’ and will become a place where you put your salary and out of that will come payments one for leisure, utility and saving and they will go into different sorts of accounts run by much more progressive, value adding businesses,” says Tony Craddock of the Emerging Payments Association.

 

Banks are playing the long game

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