Battling for Buyers: How Banks Can Combat the Threat of Fintechs
Amazon, Netflix, Airbnb, Deliveroo. Technology start-ups that have become household names and fundamentally revolutionised the way their sectors operate. The financial services industry has long anticipated a similar step-change event, but despite the array of start-ups that have taken root, high barriers to entry and reliance on consumer trust mean fintechs have failed to topple the established names. So far. Our new research shows that despite comparatively low consumer awareness and a high incumbent bias, some fintech banking brands are starting to cut through. The fintech threat is rising, and established banks need to formulate a defence strategy. We recommend steps to take to fight back against the fintech threat.