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10 fintechs that banks must have on their watchlists
A handful of plucky start-ups sensed consumers’ disillusionment with their traditional banks following the 2008 financial crisis – and who could blame them? They were also quick to sense consumers’ rapid conditioning, by the likes of Amazon, to expect convenient, cheap, and digital services in all areas of their lives, and knew that this was something incumbent banks weren’t providing. This rag-tag bunch of initiators has since grown up, and today is known as the fintech industry: a multibillion-dollar global phenomenon. Fintechs are eating into incumbents’ market share and threatening to make former household names irrelevant, and banks have been slow to act and defend themselves.
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