Banks Fintech

The challenge of banks in the face of fintech

During the pandemic, many users have moved their accounts to fintech companies due to their great versatility that they offer to the consumer, banks on the other hand have seen the need to evolve to digital models more quickly due to the radical change in circumstances that we are facing.

Recent research by London & Partners and Dealroom.co has found that Fintechs in London received a total of $ 3.6 billion in investment between January and September 2020, managing to overcome setbacks related to Brexit and Covid-19. This places the UK capital in second place for investment in Fintech, behind San Francisco (5.1 billion).

The same study also revealed that London ranks first globally for Fintech deals, and the city has 169 so far this year, 62 more than San Francisco, which ranks second.

Furthermore, more data from Beauhurst says that 95% of UK Fintechs are now past the worst of the pandemic, and with Tech Nation launching its Fintech Pledge last month to provide an additional boost to the sector, the industry seems be ready to continue to prosper.

Source: https://www.information-age.com/what-traditional-banks-must-do-withstand-fintech-competition-123492220/

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