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Thursday, 21 May 2015
By Amanda Augustine and Marcial Nava
Fintech platforms have risen in popularity among Millennials for their low fees, user- friendly interfaces, low or no minimum balances, and online DIY tools.
How can banks leverage these innovations and compete against cutting-edge companies? While peer-to-peer lending or crowdfunding are widely considered to be a threat to traditional banks, budgeting, financial planning, and portfolio management apps can easily be incorporated into banks’ digital services. By adding these services to their offerings, banks can better attract young customers and improve the experience for all clients.