By Ben Robinson via Iris.xyz
Fintech has attracted a lot of attention, thanks in part to the enormous sums that have been sucked in from investors – over $100bn in the last three years, according to numbers from KPMG and CB Insights.
Yet despite all the excitement and cash, and all the predictions that fintech companies would rout the traditional banks, fintechs have so far failed to take significant business from the incumbents: according to the Economist Intelligence Unit, fintech companies have grabbed just a 2% market share.
Certainly, it is harder to disrupt financial services than many people envisaged. And banks retain many competitive advantages, as well as the ability to innovate. But to write off fintech would be premature.
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