The word “fintech” first emerged in 1971, but it really began to rise in the 2000s and then its prevalence exploded in the 2010s. At first, banks weren’t sure what to make of fintechs. Were they products to purchase? Competitors? And what qualifies as a fintech? Different types of fintechs interact with banks and consumers in different ways. Some of them can create a competitive advantage, providing sleek or robust services to community bank customers that are on par with or exceed those offered by megabank competitors . . .
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