Articles

Articles

Why are banks ‘trying to shapeshift’ into technology companies?

Why are banks ‘trying to shapeshift’ into technology companies?

Is the effort to become more technology savvy wasted effort, or can banks still appeal to a fintech-enabled customer? Story by Kevin Moseri.

While ‘Fintech 1.0’ and disruption made banks stop and take notice, ‘Fintech 2.0’ is all about letting banks in and allowing them to have a stake in the space. However, during Fintech 1.0, a lot of banks were forced to make what most in the industry saw as knee-jerk decisions, adopting questionable strategies. Most banks are still following the same strategies.

Quite a few bank CEOs view their banks as ‘tech­nol­ogy com­panies with a bank­ing license’. Yes, it’s not inconceivable that banks have a lot of developers.