Traditional Banks Learning Valuable Lessons From Fintechs

The growth of fintech has already had a tremendous impact on the banking system; but the business model for many banks still rely on doing well when the customer is doing badly, for example with overdraft and late fees; fintech companies are approaching this challenge in a very different way; Melissa Alvarado, vice president for growth and analytics at Chime said recently of banks, “Current business models don’t align well with leading consumers to financial health”; the industry is moving to more of a focus on financial health with many fintech companies making this core to their offerings. Source.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.