As waves of fintech startups rise up to challenge legacy banks, incumbents are finding their high levels of consumer trust to be a chief advantage:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Banking subscribers.As waves of fintech startups rise up to challenge legacy banks, incumbents are finding their high levels of consumer trust to be a chief advantage, CNBC
."Customers trust legacy banks to keep their money safe, but they're slightly unsure of fintechs keeping their money safe," Amelia Nicholls, chief of staff at RBS' digital standalone bank Bo told CNBC.Incumbents have several other advantages over their challengers beyond trust, including:over 50 million digital customers alone as of Q1 2019. And incumbents have a high degree of brand recognition, something upstarts in the space sorely lack.
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