What is the future of fintech? Will it overpower the traditional banking system?
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What is the future of fintech? Will it overpower the traditional banking system?
The truth is, there are many old people who will not catch the wave of the fintech, this set of people still love and prefer the old banking system. As wild as the fintech is getting, the biggest and major challenge for the fintechs that want to be considered a bank is getting a bank license. That is almost impossible. The bank license will give them the opportunity to do all what the bank does and once that happens, that’s all. So for now, I think the banking system is safe.
The Fintechs are really growing big everyday, causing the traditional banks to step up and try to meet up. When it comes to innovation and advancement, traditional banks are falling behind and fintech is stepping up to the plate. Fintech may have a small share in the world banking system, but consumers are increasingly opting to use it as a substitute to banks.