There is no ‘existential crisis’ challenge for banks from fintech, HSBC’s digital chief says

There is no ‘existential crisis’ challenge for banks from fintech, HSBC’s digital chief says

  • The digital chief of HSBC has dismissed the idea that big banks are facing an “existential crisis” from financial technology (fintech) challengers
  • Several digital-only “challenger banks” such as Starling, Fidor and Monzo have gained momentum, particularly in the U.K.
  • HSBC’s history as a financial institution and the trust of its customers would work in the bank’s favor, the bank’s head of digital said

The idea that big banks are facing an “existential crisis” from financial technology (fintech) challengers is “overblown”, the digital chief of HSBC told CNBC.

In response to the debate over challenger banks and other fintech players posing a serious threat to established financial services institutions, the bank’s head of digital said that the trust of customers meant banks were “sufficiently primed.” Some have referred to the debate as “David versus Goliath,” referring to the potential for small digital start-ups to undermine the dominance of big banks.

Read more: https://www.cnbc.com/2017/07/19/there-is-no-existential-crisis-challenge-for-banks-from-fintech-hsbcs-digital-chief-says.html?utm_source=FintechCircle+Master+List&utm_campaign=11a735fdbd-EMAIL_CAMPAIGN_2017_07_22&utm_medium=email&utm_term=0_03f5147ca1-11a735fdbd-522205577&mc_cid=11a735fdbd&mc_eid=9bcccb7fb7