Traditional banks can be the ‘trusted face’ of fintech and online finance firms

In a recent survey of 400 banking executives, banking software provider Temenos said more than 53 per cent of respondents cited e-financial services like PayPal, Alipay, WeChat Pay and Apple Pay as their biggest non-traditional competition in the next two years. But their relationships could be complementary and not necessarily purely competitive. Banks can use their trusted position among customers and regulators to collaborate in the shift to digital banking.

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