Fintech is disrupting big banks, but here’s what it still needs to learn from them

Much of the hype around fintech focuses on what traditional banks do wrong: they’re slow to adopt new technology; they don’t center the customer; they’re too big to respond nimbly to change. This narrative is part of why fintech continues to attract massive investment, with $31 billion total flowing into the sector last year, according to KPMG. The truth is that there’s actually a lot that banks do right — things that fintech startups can struggle to replicate. James Hickson, Group CEO of Mash, has named three areas where he feels fintech’s needs and banks’ expertise overlap.

  1. Deal proactively with regulation
  2. Approach risk holistically
  3. Partner to acquire customers

James Hickson believes that by learning from each other, fintech firms and banks can work together to help the finance ecosystem evolve.

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