Big banks like Citi and JPMorgan Chase are trying to beat fintechs at their own game with launches of new products; the traditional credit card model has come under threat from various fintech companies looking to upend the big banks and credit card companies; Citi, Chase and American Express have all started to offer the ability to turn their cards into installment loans; while the product is viewed as more innovative it could hurt profits; fintech firms like Affirm have established a place in the market that has forced these traditional brands to play defense; fintech executives have not been scared by the recent moves as it helps to point to the fact that they are doing something right. Source.
