JPMorgan Chase CEO Jamie Dimon says incumbent banks must be “scared shitless” by fintech rivals, including that some – together with Plaid – are competing unfairly.
The JPMorgan chief stated funds would be the most important battleground: “I anticipate to see very, very robust, brutal competitors within the subsequent 10 years,” including “I anticipate to win, so assist me God”.
Dimon additionally took purpose at bank knowledge sharing startup Plaid. There are “people who improperly use data that’s being given to them, like Plaid,” he informed analysts.
One other gripe is the way in which that corporations like Chime companion small banks in order that they’ll cost excessive debit card swipe charges. Massive banks are prevented from charging these excessive charges underneath the Durbin Modification.
These are among the many “examples of unfair competitors, which we’ll do one thing about ultimately,” stated Dimon.