"The advance of financial technology, or fintech, is going to mean the end of banking as we know it."
I have been hearing that chestnut since I started going to bank and technology conferences over 10 years ago. The young entrepreneurs were thrilled at the prospect of eliminating those stuffy old bankers once and for all with whizz-bang smartphone technology that handled deposits, made payments, and processed loans in the palm of your hand.
I would talk to bankers who were terrified those kids just might be right, and that technology would bury them.
But I never bought into any of it. My stock reply was not to worry, because in a year or two these scruffy young "geniuses" would get a haircut… and come begging for a partnership or vendor relationship with your bank.
It's just downright silly to think the rise of fintech will make banks obsolete.
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