Fintech: beyond the banks vs startups paradigm

In the past couple of years, the media has heavily focused on reporting the development of new ventures in the financial technology sphere (‘’fintech’’ as the cool kids like to call it). We have witnessed countless sensational headlines pitting big ‘’stuck-up’’ banks versus highly innovative startups. While these match ups may be entertaining they do not necessarily reflect the history of this fascinating ecosystem. Let’s take the time to debunk those preconceived notions.

Fintech is older than you think

Banks are innovators too

Banks and startups: an old partnership

The Fintech ecosystem is far from binary. It is a complex ensemble of different entities that compete against one another but also collaborate with each other. History has proven that the “David vs Goliath” paradigm is rather erroneous hence it is in our best interest to refrain from pitting established entities against younger, smaller structures; and rather focus on technological advancements and the benefits they procure to society at large.

This article was originally published on LinkedIn.

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