Jamie Dimon says JPMorgan Chase should absolutely be scared about fintech threat.
The highly respected CEO mentioned that competition will be particularly tight in the world of payments.
Why would Jamie single out payments, if other areas of the bank services are under the attack too?
Is it because JP Morgan’s Chase paymentTech overcharges clients and is threatened by competition?
Or, is it because Jamie can’t fathom that other areas of the bank, including Asset Management and, eventually Commercial lending and Mortgages are also being attacked by Fintech?
The choice is hard though: with all due respect, big corporations are horrible at innovation.
1. Google wasn’t invented by Microsoft
2. Tesla wasn’t developed by General Motors
3. Facebook wasn’t launched by Comcast