Notably Quotable: Fintech Friends or Banking Foes?

Existential questions swirl around traditional institutions that once had a stranglehold in the financial space. Will neobanks and fintechs push out retail banks and credit unions for good, or is the threat overhyped? What does the future of banking hold?

“Banking as we know it is on the road to extinction. Like most industries, traditional financial services are being disrupted by innovative technology.”

— The Wealth Advisor

“Traditional banks are haunted by fintech firms. Challenger banks have been around for a number of years now, but big global and regional banks are still struggling to deal with the competition.”

— Kamal A Munir and Hamza Mudassir, Associate Professor and Visiting Fellow respectively at Cambridge Judge Business School

“We now are facing a generation of newer, tougher, faster competitors. I expect it to be very tough competition in the next ten years. We should be scared shitless about that.”

Jamie Dimon, CEO at JP Morgan Chase

“Banks have migrated to a more digital way of operating, but they are no match for fintech companies that live and breathe tech and transformation.”

— Bondora

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“Investors are incredibly optimistic about the future of fintech companies and quite pessimistic about the future of banks.”

Matt Harris, Partner at Bain Capital Ventures

“The stellar rise of challenger banks certainly indicates they’ve met consumer demand and they’re here to stay.”

— Will Hurst, Head of Commercial Development at Monevo

“By 2025, up to 40% of banks’ collective revenue could be at risk from new digital competition.”


“Traditional monolithic apps are holding many banks and financial services organizations back, putting them just a click away from their competition.”

Sanjay Poonen, Chief Operating Officer at VMware

“The threat of fintechs is the impact it will have on customer expectations toward banking services.”


“Traditional banks are really complicated businesses, with complex regulatory issues and consumers who are relatively inert. If neobanks can get people to bundle, they can get more of a share of a wallet of a consumer. It changes the game.”

Nigel Morris, Managing Partner at QED Investors

“Challenger banks aren’t just a pretty fad with cool messaging slogans. They address very real and immediate needs of consumers with innovative product offerings.”

— Will Hurst, Head of Commercial Development at Monevo

“Fintechs are an enormous competitive threat. From loans to payment systems to investing, they have done a great job in developing easy-to-use, intuitive, fast and smart products.”

Jamie Dimon, CEO at JP Morgan Chase

“Companies are not built to last forever. They come and go with the flavors, tastes and the needs for society. But this is not true for banks. Banks last forever.”

— Chris Skinner, Independent Commentator at

“I don’t envision a future without traditional banks.”

JP Nichols, managing director of FinTech Forge

“Our platforms are much more modern than their platforms. They’re all running on third-party banks, which drives me insane.”

Bill Demchak, CEO/President of PNC

“I think it is ‘revenge time‘ for some incumbent banks now. They have taken longer to reinvent their services, but they can now compete with fintechs very well. Big vessels are hard to maneuver, but also harder to stop.”

— Moritz Spangenberg, Client Partner at Netguru

“Banks still have the advantage over fintech players.”

— Daniel Meere, Managing Director at Axis Corporate

“It will be very hard for challenger banks to really disrupt the existing banking players, especially if they are forced to do it profitably.”

— Joris Lochy, Co-Founder of Capilever

“I respect every competitor, and I don’t fear any competitor. We study all competitor moves, whether it’s the fintech disruptors or major players.”

Brian Moynihan, CEO at Bank of America

“There is one distinct and valuable advantage that financial institutions have over these high-tech newcomers — the existing relationship banks and credit unions have with people.”

Mike Manahan, SVP of Banking/Credit Unions at Total Expert

“Why the future belongs to banks, not fintechs: simply put, banks know what they are about. They can apply vetted technologies to build solutions and they have the advantage of a much larger pool of resources to draw from, compared to challenger banks and fintechs.”

— Moritz Spangenberg, Client Partner at Netguru

“With all due respect to fintechs, there’s no use in striving to be best in class — that is, being as good as the best banks.”

Michael Corbat, Former CEO of Citigroup

“It will be some time before any fintech players challenge the big banks. Visa and Mastercard have become technology companies, even as Square, PayPal and others have matured.”

— Michael Spencer, Editor-in-Chief at LastFuturist

“The optimal structure between fintechs and banks is a partnership, combining our expertise with theirs to create a better customer experience. It’s better for all of us.”

— Andy Cecere, Chairman/President/CEO of U.S. Bancorp

“Both banks and fintech companies are coming to the conclusion that they need each other.”

Jay D. Wilson, Vice President at Mercer Capital

“Bank and fintech partnerships are a win/win: they help banks offer services that would take years to develop and they help fintechs scale faster and cheaper.”

Ron Shevlin, Managing Director of Fintech Research at Cornerstone Advisors

“Banks represent the lifeblood of up-and-coming fintechs. Without them, fintechs wouldn’t be able to provide seamless transactional capabilities, nor would they possess the regulatory oversight necessary to survive in the financial sector.”

— Sunrise Banks

“To withstand today’s turbulent conditions, fintechs need banks’ mature customer bases.”

Paul Schaus, Chief Executive/Founder of CCG Cataylst

Fintechs cannot live without banks. Banks are their infrastructure, their partners, their friends and their competitors The hand that feeds me is also the hand that can choke me Anna Kuzmina

“Banks have learned an important lesson — that rivalry with fintechs makes no sense. Fintechs no longer behave like competitors. Instead, banks should look for new ways to collaborate to find the best way to create value.”

— GDS Modellica

“Fintech providers excel at making financial services easy for consumers. But customer acquisition and beautiful apps aren’t enough — these companies benefit from working with banks.”

— Justin Pritchard, CFP, writing in The Balance

“Everyone should have access to financial products that are both affordable and accessible, and the collaboration between traditional banks and innovation in fintech will make this possible.”

— James Garvey, CEO and founder of Self Financial

“Fintechs can leverage bank partnerships to drive forward innovation and add value to their customers.”

— Payments Journal

“Traditional banks are at a critical juncture. They must embrace open banking or risk becoming irrelevant. Incumbent banks must transform into innovative organizations with collaborative support from qualified fintech partners.”

John Berry, CEO of Efma


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