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Can banks survive the FinTech revolution?
Article from Vito Petan on LinkedIn
In a country where a staggering 425 million people, or 65% of all mobile phone users use mobile phone wallets to transfer money to their friends or pay at local shops and restaurants in mere seconds, there is also a contrasting experience. Outdated state owned banks, where you usually have to wait at least 30 minutes to get to a counter and sign 3 sheets of paper before you can transfer money dominated the industry with no real competitors in sight. Until now.
Practically all main functions of the traditional banks are now under attack. Consumers looking to transfer money, take a loan, store money or invest it now arguably all have better, faster and more convenient alternatives to banks right on their phones.