Aug 16, 2019
Silicon Valley is eating the banks’ lunch
Back in 2014, JPMorgan's Jamie Dimon warned that Silicon Valley was coming to eat the banks' lunch. Not only are the digital banks proliferating and expanding but their services are mushrooming too. Like the analogue film manufacturers who had the ability to switch to digital but failed to invest, the banks seem to be having their Kodak moment. The embarrassing fact for the entire fintech industry is that is has failed to take significant share of core banking activities despite a decade of a benign credit environment with banks hampered by their recovery efforts after the 2008 crisis. As the cycle finally turns, there will be more serious casualties and perhaps an opportunity for traditional banks to eat up some of the new companies at more appetising prices.
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