Competition drives innovation, that is a well-known fact. However, banks should only compete with other banks and not with Fintechs in order to excel. New technology is changing almost every industry, and the financial industry is no exception. Banks and Fintech companies should co-exist in order for the financial industry to thrive like never before.
Fintechs are amazing because they provide faster, easier, and simply more convenient innovative methods to satisfy the consumer's financial needs, and banks have been the go-to place when it comes to finance since the beginning of money. Imagine being able to provide all the innovative ways to help consumers manage their finances all while utilising the vast resources that banks already have?
The present day is a great time to be involved in the financial industry!