Fintech Has Forced Banks’ Hand on Blockchain, AI Adoption

The opportunity for fintech companies to disrupt traditional financial institutions is best observed today in millennials’ habits. Millennials have a clear preference for accomplishing tasks through digital applications and services — something fintech companies are better at providing than banks in terms of speed and personalization. Already, 62% of millennials in North America use products from fintech companies, according to the 2016 World Retail Banking Report. More disturbing, Gen Y customers are far less loyal to their banks: only 45% of North American millennials said they plan to stick with their current bank, compared to 85% of North American respondents from all other age groups. While banks have steadily built up their online and mobile channels — in part to appeal to millennials — the products and services they offer…

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