Tearsheet asked 107 financial professionals from traditional financial institutions and fintechs who is the biggest threat to banks in consumer and commercial banking; Amazon was the biggest threat when it came to both consumer and commercial banking; in consumer banking respondents were most concerned about the next 3 – 10 years; challenger banks ranked on par with digital banks started by incumbents in consumer banking but were second after Amazon in commercial banking; Apple, Google and Facebook posed a bigger threat in consumer banking and did not really pose a threat for business banking; one panelist tells TearSheet, “I think the next 3-5 years are crucial for banking to adapt and adopt.” Source.
