Fintech Companies Won’t Displace Large Banks, Says Moody’s
The growing fintech industry is providing more competition for traditional banks, but banks will retain a place at the center of the industry, according to a new report by Moody's.
The growing fintech industry is providing more competition for traditional banks, but banks will retain a place at the center of the industry, according to a new report by Moody's. Companies like JPMorgan (JPM) - Get Report , Bank of America (BAC) - Get Report and Wells Fargo (WFC) - Get Report are building up their mobile offerings and benefit from their large amount of customers, according to Robard Williams, Sr. VP of Moody's. He added that the latest developments with LendingTree (TREE) - Get Report also show that regulation will increasingly be a factor for fintech companies. TheStreet's Rhonda Schaffler has details from Wall Street.
