The majority of UK consumers use fintech applications for banking and payment services, according to a report by Plaid. However, the traditional banking model of maturity transformation, where banks take deposits that may be withdrawn at any time and use them to make long-term loans that may not be repaid, is risky. Peer-to-peer lending marketplaces that have failed to act like banks have also faced trouble. Despite this, some experts believe that current banking business models will not survive, as most customer interactions with banks occur through payments and that is where the main customer data is.
