The Advantages Fintechs Have Over Banks

A recent CNBC report showed that fintech companies accounted for 38% of personal loans in 2018, up from 5% in 2013; one of the main advantages of fintechs is not having to rely on legacy systems which allows them to use the latest technology; customer on-boarding is an often overlooked area but is an important part of financial services and it drastically effects how a consumer views the company; Finextra details what sets fintechs apart from a customer on-boarding perspective as well as other factors that have led to them having an advantage over banks. Source