Is the New Wave of Digital Banking Putting Pressure on Traditional Institutions?

Jamie Dimon, CEO of JPMorgan Chase, predicted the emergence of the modern fintech banking industry in 2014. Digital banking startups can offer better products, faster, and at cheaper rates due to low overheads, automated systems, minimal staff, and no physical branches. Traditional banks that are reluctant to utilize automation technologies that would result in staff redundancies are unable to match the attractive rates and low costs of digital banks. While a new school of young professionals may be ready to embrace these technologies, can they offer the same level of service to corporate clients?