Why the decline in new mobile banking apps could be a good thing for Austin fintech companies
Austin Business Journal
It may be a great time for startups to take on industry giants
In the span of five years, mobile banking has gone from novelty to necessity for the majority of financial institutions. New data shows there are fewer banking apps being released nowadays — but that may be a good thing for local developers of financial services software.
Stephen Greer, a New York-based analyst for research and consulting firm Celent LLC, said bigger isn't always better when it comes to fintech vendors. He said many of the large app vendors rapidly acquired smaller companies with a wide range of services. Those services proved difficult to integrate, ultimately weighing the companies down and hindering innovation.
"It’s interesting because if you're talking about banks, generally the larger you are the more innovative you're able to be because you can throw resources at a larger amount of things," Greer said. "But in the vendor space I think it’s the exact opposite. The innovation is coming from a lot of the smaller vendors."
To read the full article by James Rodrigues in Austin Business Journal
Corporate Banking, Retail Banking
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