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  • There are now 22 FinTech companies around the world that are worth more than a billion dollars

  • and banks are getting increasingly worried

  • that these rapidly growing upstarts are going to put them out of the business.

  • Should they be worried?

  • Yes!

  • So far, fintech has been just about nibbling around the edges of the banking sector

  • addressing niche functions, such as making foreign exchange transactions less expensive

  • or providing bank accounts to people who previously had no access to finance.

  • Last year, peer-to-peer lenders made 19 billion dollars worth of loans in the US.

  • But to put that into perspective, a big bank lends more than that amount every month.

  • So why are banks worried?

  • Banks have always had a couple of advantages.

  • They have long-standing relationship with their customers.

  • The bank is a good place to keep money.

  • Many people go through their whole life with the same bank

  • and they control all the customer data.

  • But the EU has proposed legislation

  • that would force the banks to open up their customer data to third parties

  • if the customer wants them to.

  • The banks are worried that

  • under this open banking regime,

  • they will suffer the same fate as telecom companies.

  • They would become just utilities.

  • Moving the money around in the background

  • while the FinTech startups have the relationship with the customer.

  • That's why we're seeing them scramble to develop their own fintech products

  • and to partner with startups.

  • According to a PwC study,

  • 42 percent of banks now have a joint partnership with a FinTech company.

  • So far, the banks have kept their FinTech rivals at bay.

  • But in 2016, global FinTech investment totalled 24.7 billion dollars,

  • fueled by record venture capital investment of 13.6 billion dollars.

  • Increasingly, it's the case of beat them, buy them,

  • or watch them eat your business.

There are now 22 FinTech companies around the world that are worth more than a billion dollars

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B1 中級

銀行のフィンテック懸念 (Banking’s finTech fears)

  • 85 8
    李依庭 に公開 2021 年 01 月 14 日
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