October 23, 2015
Fintech
As Fintech rises, Banks lose grip on customer base
A recent article in The Economist looks at the looming crisis for brick-and-mortar banks as financial technology erases the hegemony the financial industry has held over customers.
From the article: “Policymakers in Europe have concluded that forcing banks to share data at consumers’ request will yield big benefits for the banking public. Earlier this month the European Union adopted a directive on payment services, which will in effect force banks to impart data to third parties in a convenient format. Customers will also be able to authorise fintech firms to make payments from their bank accounts.”