As FinTech firms become increasingly profitable, traditional banks counter with branded digital-only subsidiaries
As FinTech firms become increasingly profitable, traditional banks counter with branded digital-only subsidiaries
FinTechs are approaching their next maturity milestone – profitability – as they demonstrated resilience during the COVID-19 pandemic with verticals recording double-digit growth despite sector-wide operational and financial challenges. In response to FinTechs’ growing popularity among consumers and close proximity to profits, traditional banks are creating digital-only entities to appeal to
specific customer segments, according to the
.
More than half (51%) of FinTechs expect their capital reserves to be affected as costs related to staffing, onboarding, and data storage surged during pandemic lockdowns. Yet, despite the volatile environment, the FinTech sector reported 11% YoY deal activity growth in Q4 2020, after four consecutive years of de
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Banks go to war against fintechs - CapGemini World Fintech report 2 hours ago
Source: CapGemini FinTechs are approaching their next maturity milestone – profitability – as they demonstrated resilience during the COVID-19 pandemic with verticals recording double-digit growth despite sector-wide operational and financial challenges. In response to FinTechs’ growing popularity among consumers and close proximity to profits, traditional banks are creating digital-only entities to appeal to specific customer segments, according to the World FinTech Report 2021 from Capgemini and Efma.
As Global Fintech Adoption Grows, Traditional Banks Pursue Digital Transformation Strategies: Report
May 27, 2021 @ 7:57 am By Omar Faridi
As Fintech companies become a lot more profitable, traditional banks are trying to counter their business strategy with branded digital-only subsidiaries.
Fintech firms are getting ready to approach their next “maturity milestone” – profitability – as they showed great resilience during the COVID outbreak, with verticals registering double-digit growth despite industry-wide operational and financial challenges.
Responding to Fintech firms and businesses’ rising popularity among consumers and “close proximity” to profits, incumbents have been establishing digital-only entities in order to appeal to “specific customer segments,” according to the