Gone are the days when fintech and banks were seen competing against each other. No longer do we see gloom doom statements questioning the stability or existence of either of these entities. The new norm is to co-exist and flourish, enhancing customer loyalty and longevity. Today, almost all leading banks have set up incubators, innovation labs, venture funds or accelerators to encourage fintech startups to collaborate and work with the big daddies. The banks have realized that burdened as they are with their legacy IT systems, regulatory controls and size, they still need to address changing consumer preferences. Here are three areas where consumer needs have been effectively addressed by fintech, ensuring that consumer requirements serve as huge motivation to innovate and solve. 1. Hassle-free loan processing 2. Payments 3. Online only

http://www.theindependent.sg/3-gaps-in-banking-that-fintech-firms-have-filled/