Banks will start aggressively targeting fintechs in wealth management - Business Insider

📆 2/22/2020 10:02 AM
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Insiders say Morgan Stanley's $13 billion E-Trade deal will kick off a buying spree for wealth-management fintechs. Here's why banks are ready to 'open up their pocketbooks' and what it could mean for startup valuations.

has also pushed traditional players to consider new ways of attracting and selling to customers.

In addition to insurers, Edison Partners' Lee said big-tech companies such as Amazon or Google could also be a potential landing spot for fintechs. LendingClub's recent plans to buy Radius Bank "I think you will see an acceleration of multi-product capabilities happening within the fintech space," Casella said. "Some of that may come from acquisition. Some of that may come from partnership."

Morgan Stanley's planned acquisition of E-Trade shows high price tags aren't going to scare banks away. However, the discount brokerage is far more established than any of the new-age fintechs. E-Trade has nearly a forty-year history, including over 20 as a public company.

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