Fintech Influence: Financial Firms Need to Step Up Their Customer Service Game The Startup Magazine

Banks and other financial institutions are facing threats on multiple fronts. In addition to the typical challenges in this cutthroat sector, there has been a recent rise of so-called "fintech," or financial technology, startups in recent years that are applying intense competitive pressure. Even though the incumbent major players are investing billions of dollars into digital transformation, they're still finding it difficult to keep up with sleeker new entrants like Stripe, Venmo and Kabbage. Clients are being drawn to a better customer experience and user interface offered by the new breed. Fortunately, for the financial giants, their long-established market share dominance means they still have time to catch up.