Much has been said and written about the impending doom of banking, as customers begin to flock over to fintech products and services. However, the claim that fintech will kill banking is still an overstatement. Banking, as we know it, is changing because of fintech, but it would take a major event of cataclysmic proportions to do away with banking institutions.
That said, the disruption of the financial services industry is real.
Until very recently, banks had an uninterrupted monopoly over banking, financial, commercial, loans and investments. Not anymore. Gone are the days when people are comfortable dealing with just a single entity for all their financial needs.
People simply aren’t happy with how their banks treat them and have become increasingly receptive to new solutions.