Banks — despite their deep pockets — are poised to lose their battle with fintech companies over talent, technology, and ultimately customers unless they wake up to the fact that they are fighting the wrong fight. The battle is not with up-and-comers like Robinhood and Chime. It's with themselves and their rigid, buttoned-down ways, which limit innovation and drive away the tech talent they so desperately want to recruit.
"All of a sudden, there's more risk infrastructure and IT infrastructure," Ruark added of burdens bank acquisitions imposed on fintechs. "And then they get dissatisfied and don't want to work there."
https://www.businessinsider.com/why-banks-are-losing-the-war-against-fintechs-2023-1