Banking may be having an “Uber moment,” but it isn’t clear a single winner will emerge from among financial services disrupters and the banks they seek to displace.
Industry players who participated in a roundtable Wednesday in Toronto at the Economist’s Canada Summit said financial technology companies known as fintechs are already challenging and changing the business models of traditional banks, much like Uber did in the taxi industry.
But even the fintech player at the table acknowledged that giving customers what they want often means combining the unique attributes of traditional banks and their technology with data-savvy new competitors.
For more on this story visit the following link: Pressure of Uber moment transforming banks
Source: Financial Post