homeWelcome, sign in or click here to subscribe.login
     


 

 

Business


Subscriber content preview

December 9, 2016

Silicon Valley disrupting the way we bank but change is slowed by complexity, trust

  • By 2023, Citibank expects financial technology — or “fintech” — startups to control 17 percent of a $1.2 trillion market.
    • By MICHAEL LIEDTKE
    AP Technology Writer

    SAN FRANCISCO — It may not be much longer before bank branches join video-rental stores and record shops as relics of a bygone era.

    Silicon Valley is pressuring banks to change their ways or risk becoming the latest industry overtaken by technology. Hundreds of startups are offering easier and cheaper ways to save, borrow, spend and invest. They are doing it by shifting the battleground to smartphone apps and websites, which function as digital offices that are accessible around the clock with minimal staffing, and by lowering fees.


     
    . . .


    To read this story in full login or purchase a subscription.



    
    Email or user name:
    Password:
     
    Forgot password? Click here.