This new landscape of fintech companies are picking off parts of the banks and turning them into global businesses that boast a frictionless online experience for the customer.
Jeffrey Cole, Creative Director at the Centre for the Digital Future and member of the investment committee of the listed Evans & Partners Global Disruption Fund recently told The Australian, “One of the lessons of disruption which applies to banks, is offline legacy means nothing online.
Banks are not going to die. But you are going to see fintech companies pick off some things like foreign currency transactions. I think you will see very efficient service companies evolving that will pick off many of [the banks’] operations,’’ he says.