According to Cornerstone Advisors’ annual survey, when assessing competitive threats over the next few years, almost half of bank and credit union executives still see fintech as major threats for the rest of this decade. At the beginning of 2021 this percentage was lower by more than 10%.
There were also slight increases in the percentage who see big tech companies and megabanks as threats.
However, the biggest change in perspective was the respondents’ view of emerging banks as threats. In the new survey, only 21% of executives said they view these companies as major threats, compared to 33% who cited them as a competitive threat in the 2022 survey.
