Fintech also have a disadvantage such as:
- Services was not security, or trust, or lack of
technical knowhow
- Enormous
operating cost stemming from multi-layered management structures and large
offices in prime locations. High overhead costs means they have a hard time
competing with flexible technology companies focusing on specialty areas and
lower cost of operation.
- Some
firm are part of a highly regulated industry. While regulations are necessary,
they affect the banks’ agility, innovativeness and ability to compete
effectively. This has led to an industry where the major players offer more or
less comparable services at more or less comparable (and high) prices.
-The ease of making and receiving payments has set
the tone for far greater disruption of the banking industry:
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