Banks vs Fintech: A Coronastory

Increasingly, fintech isn’t just about stealing the incremental customer, or participating in the evolution of the industry from analog to digital. It is a fundamental overthrow of how things have been done historically: a complete revolution.

The first wave of fintech innovators mainly came after the banks. Those were dissatisfied with expensive products, secretive business, slow digitalization, and poor customer experience. As a result, we’ve seen them unbundling banks.

Many of the tools, API’s, and infrastructure created for financial applications were originally created for internal banking customers; however, now with the rise of consumer and business fintech applications, we are going to see outside developers as the new emerging customer.