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Digital upstarts disrupt traditional bank revenues: report
- Friday | 19th October, 2018
“The future belongs to banks that can build new sources of growth, including finding opportunities beyond traditional financial services. “With challenger banks and platform players reducing traditional banks’ competitiveness and the threat of a power shift looming, incumbent players can no longer rest on their laurels. While few of these new players have raised alarm bells among traditional banks, the threat of reduced future revenue growth opportunities is real and growing. US: 19% of financial institutions in the US are new entrants and have captured 3.5% of total banking and payments revenues. New entrants have captured 14% of total banking revenues, with the clear majority (12%) going to non-bank payments institutions.
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