Fintech Companies, Facing Competition From Mainstream Banks

So how are fintechs that offer banking services staying relevant? How are they competing with traditional banks that have a longstanding customer base and deeper pockets? Fintechs, taking advantage of their technological prowess and lower costs, are offering more features that banks generally don’t, such as analysis of customers’ spending and saving patterns, credit-builder products and lending products designed specifically for consumers who banks don’t typically target, like individuals with little or poor credit history. Fintechs also are placing bets on up-and-coming services such as helping consumers plan to reach their savings goals, cryptocurrency investing and crowdfunding.

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