Traditional Banks Learning Valuable Lessons From Fintechs

The growth of fintech has already had a tremendous impact on the banking system; but the business model for many banks still rely on doing well when the customer is doing badly, for example with overdraft and late fees; fintech companies are approaching this challenge in a very different way; Melissa Alvarado, vice president for growth and analytics at Chime said recently of banks, “Current business models don’t align well with leading consumers to financial health”; the industry is moving to more of a focus on financial health with many fintech companies making this core to their offerings. Source.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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