Fintech: Banks, beware!

by Christian Hoffmann

Fintech: Banks, beware!

by Christian Hoffmann

by Christian Hoffmann

The birth and rise of Fintech is deeply rooted in the global financial crisis of 2008, particularly the erosion of trust it generated. People’s anger at the banking system was the ideal breeding ground for genuine financial innovation.

In four simple words, fintech expresses “Power to the People”. Take money transfers, for example. By allowing transparency and cutting middlemen fees, fintech startups empower individuals to have control over their own money.

Such examples pose a number of obstacles which banks need to overcome to get fit and ready for the digital era. In the following, we portray some innovator’s dilemmas and problems, but also show that small and medium-sized banks that are at a disadvantage at first sight do not need to fall behind. Instead, on the contrary, they could easily become partners in great demand as well as key beneficiaries.

The full article is available at: https://fintechnews.ch/fintech/fintech-banks-beware/32772/

#FinTech, #openbanking, #ecosystems, #innovation in #Swiss #Banking

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