Jim Marous co-publisher of The Financial Brand hits the nail on the head with this post last week discussing how banks and credit unions canlearn from digital players.

The idea of Techpreneurs setting the trends for the establishment to follow sounds pretty straight forward to most, except the establisment themselves.

Just a few days ago I touched on Shayne Elliot from ANZ publically calling for local fintech entrepreneurs to tell him personally what they could do to remian competitive. This behaviour whilst risky shows a bank that is really ready to adapt to the changing trends and willingness of traditional customers to change track and move to newer Fintech offerings.

The loans and funding markets are now well into their metamorphosis with more and more funding platforms entering that market. Digital banks like Atom Bank are enterinjg teh market offering competitive products to the established banks. 

However traditional banks still aren't investing Across Europe,retail banks have digitized only 20 to 40 percent of their processes; 90 percent of European banks invest less than 0.5 percent of their total spending on digital. As a result, most have relatively shallow digital offerings focused on enabling basic customer transactions. McKinsey 

This means that whilst these institutions are slow to adapt, Fintech and customers are not. So from my perspective at least, cooperation rather than coexistance will need to be the way forward, either that or as I said before, banks will just buy up the competition and the M and A business may just profit from that!