Big Banks Say Challengers are Becoming a Serious Threat

A new survey by credit card specialist Fraedom shows that 80 percent of banks believe challengers have impacted their business and 30 percent say they are their biggest threat; almost 50 percent of bankers say their legacy technology is holding them back; banks spend about 80 percent of their technology budgets on maintenance; BB&T CEO Kelly King recently explained in a shareholder letter, “”In the last three years I’ve seen more change in banking than in my previous 42 years at BB&T. And that’s saying a lot.” Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.