Banks face fight-or-join decision with tech firms: McKinsey report
Fintech startups threatening to shrink bank margins by offering cheaper services
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 so-called fintech startups and established companies like Apple Inc, the consulting firm said in a report released on Wednesday in London. Banks must choose whether they'll try to revamp their brands, give customers services they didn't know they wanted, and hire more engaging employees or allow new entrants to do these things and just provide funding for loans.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea