- In a survey of bankers conducted by BearingPoint, a consulting firm, two-thirds of respondents were convinced that less than 20 percent of today’s fintechs will still be on the market in three years’ time.
- And fintechs are even muscling into activities once dominated by big investment banks.
- On the other hand, there have been few market exits in insurtech, the insurance industry’s equivalent to fintechs, Mr. Barkow added.
- Ralph Hamers, boss of Dutch bank ING, is among the powerful bankers who believe the digital upheaval will transform the face of finance in a few years’ time.
- “Some [fintechs] will survive and push the established banks forward in terms of service and management, but more as partners than competitors,” said Ms. von Schmettow of HSBC.
Digital change is turning the banking world upside-down. But many young fintechs won’t survive the revolution they unleashed.
Continue reading “Many young fintechs won’t survive the digital revolution they unleashed”