Bitcoin Startups Challenging Big Banks Profits

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Big banks are increasingly worried about losing profits to fintech companies such as Bitcoin startups. Eighty-eight percent of banks’ executives believe that their businesses are at risk of losing revenues to these new entrants, according to a recent survey. This profit loss could be as high as 10 percent at Santander Bank, a leaked memo shows.

Also read: Mexico’s New Bill Could Be a Game Changer for Bitcoin

Big Banks’ Profits Challenged

One of the “Big Four” audit firms, Pricewaterhousecoopers (Pwc), published “A Global Fintech Report 2017” early this month, showing that 88% of surveyed incumbents’ executives believe their businesses to be at risk of losing revenues to fintech startups. The firm wrote:

Many [banks’ executives] fear losing business to innovators, starting with payments, fund transfer and personal finance sectors. […] More consumers will adopt nontraditional financial services providers.

Last week, Guardian Money reported

Read more ... source: TheBitcoinNews

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