An Economic Intelligence Unit report has urged banks and fintechs to come together and collaborate, stating that it is their best chance of survival amidst a changing regulatory environment.
Lesson here for Insurance and Insurtech as well.
See "Insurers, insurtech & 1+1=3"
This increased regulation comes at a time when fintechs are ramping up business, with regulation may proving to be the key factor in the tipping of scales between banks and fintechs for customer loyalty. 56% of retail banks agree that fintechs will be taking more payments than banks by 2020.
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