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Putting the “Tech” into Fin tech

Putting the “Tech” into Fin tech

AB Aliaswire
Published by: Research Desk Released: Sep 03, 2020

As the business climate for financial institutions continues to be more challenging than ever, the many opportunities and advantages of digital banking are becoming more evident. While a few FI’s are moving beyond legacy branch-focused strategies by offering advanced payments solutions to their valued commercial clients, the majority of FIs are getting left behind and losing clients to a new generation of FinTechs. Many FIs are just now addressing the conservative internal culture that has often challenged the adoption of new technologies which have given rise to FinTechs that are filling a need that many banks are not able to provide. However, many banks are beginning to realize the benefits made possible by partnering with technology vendors to compete with the growing FinTech competition.