Incumbents unwilling to change business models to adopt fintech
Incumbent banks and financial service companies, who are loath to change their business models or culture to accommodate fintech innovations, are preventing customers from enjoying the potential financial benefits, according to a panel of pensions and technology experts. It found start-ups have difficulty dealing with the incentives structure of some innovation departments, while "behemoth" firms have little incentive to change their models as they have already cornered particular markets. Established companies also fear diluting a brand's strength in an unknown market.

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