Fintech startups hit 4,000 globally in 2015 – report

According to Moodys Investors Service report, banks take advantage of new technologies and approaches to improve the consumer experience in order to maintain competitiveness. Much of the focus of fintechs has been on retail banking services, largely lending and financing along with payments-related products and services.

Though a major competitive reversal for banks is unlikely to occur, Moodys considered that several forces could accelerate the transformation of the industry including greater movement toward open data, a more defined regulatory stance that would change the rules of engagement, and the entrance of one or more bigger technology companies into the fintech space.