Banks need ‘a sense of paranoia’ about tech giants – The National

Banks need ‘a sense of paranoia’ about tech giants – The National

Banks need 'a sense of paranoia' about tech giants. Tech giants already have established customer bases and trust in their brands, says StanChart regional head. Banks "have to have a sense of paranoia" about financial technology, as the threat of some of the world's technology giants moving into the market looms large, according to Standard Chartered's regional head.. "We are hanging our hat on regulations protecting banks, trust and fintechs not really making that much money," Sunil Kaushal, Africa and Middle East chief executive said at the Milken Institute's Middle East and Africa summit on Wednesday.. I'm looking at the Googles, the Amazons, the Ubers - if they get into financial services in a significant way “¦ and become deposit takers, then they have the customer base.. Banks need to weigh up the needs of both when taking decisions about the levels of branch networks that need to be maintained.. Steve Jacobs, chief executive of Brazilian banking group BTG Pactual, said service levels customers received from traditional retail banks "has been awful for 30, 40, 50 years" because banks in many major economies were oligopolies.. His bank had been an established investment bank in Brazil which had no presence in