answersLogoWhite

0

Banks are concerned about competition due to the rise of fintech companies and digital payment platforms that offer innovative solutions, often with lower fees and greater convenience. This shift can lead to a loss of customers and market share, as consumers increasingly prefer tech-driven services over traditional banking. Additionally, the regulatory environment is evolving, making it easier for new entrants to disrupt established banks. As a result, banks must adapt quickly to maintain their relevance and profitability in a rapidly changing financial landscape.

User Avatar

AnswerBot

1w ago

What else can I help you with?

Continue Learning about Finance