HIGHTSTOWN, N.J. – In a recent article titled “Friend or Foe? Some Banks See Growing Fintech Industry as an Asset, While Others See it as Unwanted Competition”, NJ BIZ explores the many implications of the fintech industry. The article highlights two opinions: one from the head of a fintech company and one from NJCUL President/CEO David Frankil.
Frankil expressed concern, discussing the fact that among many financial services firms, banks and credit unions he advocates for, fintech isn’t universally thought of as an ally, given that, for every complementary product that comes through the fintech pipeline, there’s an industry competitor in lockstep.
“It sort of depends on your perspective as to whether you see fintech as a threat or an opportunity or both,” Frankil said.
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