Banks have been so entrenched in things that it is easy to overlook how vulnerable they became. Their slowness in adoption technology has killed them.
Few remember how dominant they were before FinTech. Now they lost more than half the mortgage business, most of the car loans, and an assortment of other areas.
If they lose deposits, it will kill them.
Actually they are since many are holding crypto as opposed to putting money in the bank.
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That's true. I only kept a bank account because that's how I get my paycheck but I stopped using it a long time ago and switched to FinTechs.
The service is WAY better.
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There is a case in point of how FinTech was able to obliterate a lot of what the banks use to provide. I think we will only see more of that going forward.
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The government will bail out the smaller accounts but the bigger accounts have no way to get back all their money. Well so long as it is FDIC insured.
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