IDG Contributor Network: Opposites attract – fintechs and incumbents

The banking industry is experiencing tremendous change as customers opt for superior digital service delivery and better value from traditional products and services. This shift has resulted in a notable decrease in “bricks and mortar” service delivery. In 2017, European Union banks closed 9,100 branches and cut around 50,000 staff, according to data published by The European Banking Federation. In the United States, over 10,000 banks have closed branches since the financial crisis in 2008, and in 2017 alone, S&P Global Market Intelligence reported that 869 brick-and-mortar entities shut their doors.

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