Banks Turn To Fintech In Bid To Grow Deposits

Large US banks are benefiting from their investment in fintech, which is helping these businesses increase domestic deposits while at the same time cutting brick-and-mortar stores to improve margins and cut costs. Even though traditional brick-and-mortar branches remain most banks’ primary product delivery channel, according to annual 10K reports filed with the US Securities and Exchange Commission, most large banks reduced their number of branches last year. However, at the same time, these banks continue to grow deposits thanks to investment in financial technology which has allowed them to diversify their delivery channels. Chinese Shadow Banks De-Levering, But No One…