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What Differentiates Banking and Fintech? - 11FS
Technological innovation is creating new business models and revenue opportunities for FinTech firms globally. As disruption in the banking sector continues, what are the lessons that legacy banking organizations can learn from the new start-ups?
From a very basic level, the digital disruptors are usually associated with mobile functionality, simplicity, big data, accessibility, agility, cloud computing, contextuality, personalization and convenience. Alternatively, with the exception of convenience (from a physical location perspective), most traditional banks have few of these qualities.
What do industry leaders think? What is the biggest difference between FinTech start-ups and incumbent Banks?
This article was first published on the Financial Brand in July 2015.