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Banks face fight-or-join decision with tech firms: McKinsey report

Fintech startups threatening to shrink bank margins by offering cheaper services

Regulators must ensure everyone plays by the same rules in this new environment, according to Ms Botin.

New York

GLOBAL banks, seeking to protect billions in annual profits from encroaching technology companies, face a choice: battle the upstarts or join them, McKinsey & Co said.

Weak relationships with their individual customers have left lenders vulnerable to competition from