Banks See Payments Fintechs as Biggest Competitors

A survey released today by Promontory Interfinancial Network showed that 66% of 543 bank executives view payments and money transfer platforms as the biggest threat; this includes companies like PayPal, Stripe Venmo and Apple Pay; part of the threat is that payments companies continue erode the need for ATMs and the increased usage of person to person payments; the report also broke down other areas that bankers fear including online lending, online investing and crowdfunding; the Crowdfunding industry is an area that bankers fear the least; the banks included in the survey skewed more towards banks of less than $1 billion. American Banker

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