Name: Banking’s finTech fears
Uploaded: 2017-09-07T08:31:10.000Z
Duration: 2 min 3 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

There are now 22 FinTech companies around the world that are worth more than a billion dollars

Adverbs of manner

and banks are getting increasingly worried

that these rapidly growing upstarts are going to put them out of the business.

So far, fintech has been just about nibbling around the edges of the banking sector

addressing niche functions, such as making foreign exchange transactions less expensive

or providing bank accounts to people who previously had no access to finance.

Last year, peer-to-peer lenders made 19 billion dollars worth of loans in the US.

But to put that into perspective, a big bank lends more than that amount every month.

Banks have always had a couple of advantages.

They have long-standing relationship with their customers.

Many people go through their whole life with the same bank，

that would force the banks to open up their customer data to third parties

they will suffer the same fate as telecom companies.

Moving the money around in the background

while the FinTech startups have the relationship with the customer.

That's why we're seeing them scramble to develop their own fintech products

42 percent of banks now have a joint partnership with a FinTech company.

So far, the banks have kept their FinTech rivals at bay.

But in 2016, global FinTech investment totalled 24.7 billion dollars,

fueled by record venture capital investment of 13.6 billion dollars.

Increasingly, it's the case of beat them, buy them,