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  • Frank Tian

Views on Future Financial Services Market

Updated: Sep 28, 2022

As pandemic phenomena retreat in the public market,

What will the future of financial services look like?

Here are the views from 2 prominent figures.


Jamie Dimon, CEO of the largest US bank JP Morgan Chase,

Sees fierce competition and coming casualties in the financial services arena.


“It seems unlikely to me that all the banks, shadow banks, and fintech companies will thrive as they strive to take share from each other over the next decade.”


The mergers among banks and fintechs are already underway,

As FIs try to position themselves with scale and tech edge.


Financial innovation will bring more and better services,

But the overall demand cannot deviate from the fundamentals,

Which face new challenges in the late-pandemic stage.


Sebastian Siemiatkowski, CEO of Europe’s largest fintech Klarna,

Sees the innovation eventually cutting into the margin of the whole industry.


“We are going to move towards a market with fewer profits where financial services will truly serve consumers.”


By pivoting from BNPL only to a global bank,

Klarna aims to cut a bigger slice from a smaller pie.


Many FIs positioned as tech-led now,

If not born with, you can marry or buy.

Aided with APIs, automation, and AI,

Eat fast so you can grab the next slice.


Further readings:

Summary of Jamie Dimon's annual letter

Report of Sebastian Siemiatkowski's speech at Innovate Finance





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