Cpcmcredit Blog

A few years back I was sat at a dinner next to a very arrogant retired banker who was pronouncing to the table that all Fintechs would fail because “they don’t know what they are doing”. Someone asked which banks he had spent his career with and without the slightest minuscule element of self awareness, he proudly told us it was with HBOS and Lloyds. He was of course, an absolute gent or something similar

The other side of the coin is a somewhat hysterical and goggle eyed rant from one of the most high profile Fintech Banks (clue in picture above) on Radio 4 this morning about how they were up ending the whole traditional banking industry with their shiny new methods. It felt like being shouted at by a preacher. Again, any element of hubris was entirely missing which is a pity given this banks catastrophic handling of bounce back loans.

Neither side can claim to have all the answers and they would do well to remember that. Established banks have disgraced and frequently bankrupted themselves over the past few decades and many fintechs are supported by balance sheets which no fintech, with their naive reliance on algorithms, would lend against