Philipp Härle, co-author of the report, said: “The most significant impact we see in price erosion, as technology companies allow delivery of financial services at a fraction of the cost, and this will mostly be transferred to the customer in lower prices.” He said most technology companies were focused on picking off the most lucrative parts of banks’ relationships with their customers, leaving them as “dumb” providers of balance sheet capacity. “Most of the attackers do not want to become a bank,” said Mr Härle. “They want to squeeze themselves in between the customer and the bank and skim the cream off.”

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