As fintech investments and startups continue to grow, Canadian banks may be left wondering if fintech is a disruptor or enabler for the industry.
In his article for the Globe and Mail, Michael King discussed why fintech is both an opportunity and a threat to incumbent banks.
“The early view appeared to be that fintech startups would disrupt incumbent banks and steal their customers, similar to Airbnb and Uber. But the emerging consensus is that banks and fintech startups will inevitably collaborate, combining their respective strengths to deliver a superior customer experience,” he said. “Fintech is a cost disruptor, a revenue enabler and a revenue disruptor.”