JPMorgan Chase CEO Highlights the Threat of FinTechs to Traditional Banks

Jamie Dimon, chairman and CEO of JPMorgan Chase, listed FinTechs as one of the “enormous competitive threats” to banks during his annual shareholder letter. In particular, he noted the great strides FinTechs are making in building both digital and physical banking products and services that are easy-to-use, intuitive, fast and smart. He also noted how FinTechs are benefitting from rise in popularity of blockchain technology (especially cryptocurrencies) and decentralized finance (DeFi). At the same time, Mr. Dimon called for government regulations aimed at creating a “level playing field” for banks, FinTechs and non-bank financial institutions.

Read the full letter here.

Source: www.cnbc.com