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Can Global Banks Regain Power in the Financial Services Industry?

The year 2015 wasn’t particularly about banks, but it certainly was about FinTech. As bright entrepreneurs found traditional players’ vulnerability when it comes to implementing innovation, FinTech startups saw a dramatic rise and success. Free from legacy systems and strict regulatory pressure, FinTech startups along with tech giants rapidly jumped into the financial services industry and gained a significant adoption. We have collected some examples of banking industry giants that are embracing their own solutions or joining hands with other global banks to regain control over the financial services industry, which seemed to be threatened by actively evolving FinTech.

In October 2015, in a joint prepared statement, the CEOs of Bank of America, BB&T, Capital One, JPMorgan Chase, U.S. Bank, and Wells Fargo said, Our customers want the ability to make payments to anyone, in real-time, making funds instantly available in the recipient’s bank account. To achieve this, we are combining our collective, bank-owned digital payments network (clearXchange) with our fraud, risk and authentication assets (Early Warning), to further ensure that our customers can send money, confidently, securely, and in real-time via their financial institutions. Some of the most powerful global banks consolidated their efforts to own the authentication process instead of outsourci ...

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