FINANCIAL GOLIATHS AND DIGITAL DAVIDS: Are banks better positioned to take on their smaller rivals?
By FF Newsroom · 28 July 2020
As Part 1 of the ‘Ready for the re-build? Re-thinking the value of digital infrastructure’ series from Banking Circle, this white paper reveals how attitudes to digital technology have changed, and to what degree this is a result of initial responses to the COVID-19 pandemic.
The latest Banking Circle white paper, ‘FINANCIAL GOLIATHS AND DIGITAL DAVIDS: Are banks better positioned to take on their smaller rivals?’ is based on a survey and series of interviews conducted in March and April 2020, when the coronavirus pandemic was at its peak in many of the regions involved in the study. In the face of exceptional challenges, Banks remained far more confident than FinTechs and PSPs.
Key findings include:
- Just 5% of the Banks included the threat of economic recession in their top three challenges.
- 31% of FinTechs and 41% of PSPs saw the approaching recession as one of their biggest three challenges.
- Less than a third of financial institutions are now concerned about the pace of technological change
- Nine in ten Banks reported being confident they could adapt ‘quickly’ or ‘fairly quickly’ thanks to investment in tech and infrastructure.