Examining The Fintech Evolution
In the beginning, the incumbents ignored the startups because they thought they were insignificant, and then once the financial crisis hit, they ignored them because they had far bigger problems to deal with. In the most recent phase, which has taken place over the past five years, the incumbents have gone from ignoring startups to fully recognizing the threat of technology-enabled, entrepreneurially-led competitors. The banking industry is about to enter the next phase. Source.