Big banks choose fear-mongering over facts when it comes to fintech 


The use of financial technology has reached mass adoption as consumers increasingly prefer lower-cost, flexible, and personalized digital financial services. Eight in ten American consumers used a fintech app to manage their money in 2022, with nine in ten consumers (93 percent) saying they benefit from using digital tools, according to a recent survey by The Harris Poll. Consumers are choosing new technology because it saves them time (93 percent) and money (78 percent), helps them make better financial decisions (73 percent), and reduces financial stress (71 percent). 

However, the nation’s largest banks see these wins for American consumers as a threat to their bottom line. As a result, they are choosing fear-mongering over facts and, in the case of a recent oped from the Consumer Bankers Association, trying to obscure the benefits of digital financial services with misinformation and inaccuracies. Here’s the truth.  

Big banks have enjoyed a competitive advantage for over a century, but today, consumers are driving a shift in the market and demanding a…

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