Nonbank Fintech Companies Reporting Disruption to One-Stop Banking

Innovative banks and fintech companies are disrupting the traditional one-stop banking model; a 2016 report from Accenture says bank customers are purchasing low margin products but looking elsewhere for brokerage accounts, auto loans and home mortgages; in 2016 nonbank mortgage lenders reported a significant milestone with 51.4% of the market’s loan issuance an increase from 9% in all of 2009; as the trend continues, banks will have to increasingly monitor customer activity and offer new products that match nonbank competition.  Source