, established firms are roaring back. On top of incumbents being able to compete effectively on price, overhyped challengers have experienced infrastructure issues resulting in outages and costly margin glitches.A decade ago, fintechs were attempting to take charge at legacy institutions. It was the era when disrupting banks meant unbundling banks, taking over parts of the value chain and making them more customer-friendly, cost-efficient and digital.
From this perspective, many have started to re-bundle. Offering a suite of financial services requires challengers to either partner with existing banks to leverage their balance sheet and regulatory status or be regulated and capitalized like traditional banks. Certain players like Varo Money realized this early on and opted to seek a National Bank Charter, while other challenger banks decided to partner with sponsor banks.
and Microsoft's cloud revenue reached $11.6 billion in Q3 of 2019. Beyond the numbers, has the cloud proven its value as more than just a buzzword? It's hard to say. Recently, IBM and Bank of America announced their own public cloud system, designed specifically for banks, while Capital One suffered a cloud breach that brought persistent security concerns back in the limelight.
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