tl;dr: Banks go boom if they lose access to cheap capital (i.e., your deposits where they pay you ~0% interest)
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tl;dr: Banks go boom if they lose access to cheap capital (i.e., your deposits where they pay you ~0% interest)
No. People are over estimating how fast this stuff is/will diffuse. Get off your social media confirmation feeds and talk to people.
@remindme in 5 years
How do you actually do that? Taking your deposit from one bank to another leaves the same amount money in the banking system. Moving your money to fintech company just means that the money goes into fintech's bank account. The money stays in the banks.
Muse, make a run on the banks. Make no mistakes.
I doubt it. A key factor is that fintech generally is not insured, which is the traditional advantage banks have for losses over other investment areas. And it's very powerful for depositors who've built up a lifetime of savings and want protection versus risk.