Lenders old and new scramble for 'digital first' in era of Covid-19

Fintech
By Jennifer Kang
21 May 2020

The capital markets have been working to transition operations to a digital format for years, but bank incumbents have been reluctant to make a wholesale shift, largely because there was no urgent need to do so. Coronavirus has changed that, and banks are accelerating plans to update legacy systems, muscling in on territory once held firmly by fintechs.

Since the Covid-19 outbreak, there is “no doubt” that a switch to digital is taking place, said a managing director at a major investment bank. The continued rise of online lenders and fintech banks has been a looming threat to incumbent lenders in recent years, but not ...

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