Big banks like JPMorgan Chase & Co. (JPM) and Wells Fargo (WFC) shouldn't be worried about fintech upstarts destroying their businesses, yet.
"They haven't gained the [people's] trust yet," U.K.-based Iam Bank CEO Lee Travers told TheStreet in an interview. "People still want a place to go, a branch."
FinTech -- a.k.a. financial technology -- is the evolving intersection of financial services and technology. And Iam Bank is just that. The U.S. site will launch later this fall and offer digital tools along with learning algorithms that help consumers make better decisions.
But despite some people loving their bank branch, financial institutions realize they are at risk from the rise of fintech. About 80% of financial institutions believe business is at risk to innovators, according to a survey from PWC,