Breaking the Banks- Gen Y's challenge
NEW competitors are using disruptive technology to attract customers by rendering banks and their networks irrelevant, says Brett King, founder of the mobile banking application, Moven. Fintech, he says, has created a paradigm shift – “it is not about whether banks have the best possible products, best network or the best rates – it is about delivering services in real time”. He warns that Asia is not investing enough in fintech: Hong Kong, for example, has invested less than US$100 million out of US$100 billion already committed worldwide . . .