Banks most wary of margin erosion from fintechs: poll

Singapore

TRADITIONAL financial institutions are most wary of the threats from fintechs in the form of margin erosion, a new PwC report this week showed. And the report suggested that banks are not keeping their eyes trained on a clear and present disruption in the form of blockchain technology.

Two-thirds of global financial services companies ranked pressure on profit margins as the top fintech-related threat, according to PwC, which polled 544 top executives in the financial services sector. This was followed by loss of market share, at 59 per cent.